House of Fraser has agreed to open a 100,000 sq ft department store in the Northgate retail development in Chester city centre, being developed directly by the local authority, advised by Rivington Land.
The anchor prelet greatly increases the chances of Northgate securing the funding needed to finally deliver the 500,000 sq ft retail development after decades of planning discussions, false starts and redesigns.
An affiliate of MCAP Global Finance has also signed an agreement to open a new 167-bed four-star Crowne Plaza hotel, with a spa, and a 600-capacity conference facility, which will be the biggest in the city. MCAP Global Finance, a UK subsidiary of New York-based investment adviser Marathon Asset Management LP, through its affiliated companies, owns a substantial UK hotel real estate portfolio, including a number of IHG-branded properties amongst other recognised international brands.
House of Fraser says its design for Chester will include a large health and beauty section and rooftop restaurant overlooking the racecourse. The retailer has other stores in Manchester, Birkenhead where it trades as Beatties, Shrewsbury, Altrincham and Carlisle.
Read more at placenorthwest.co.uk