Cycle Republic opens at Allison Court retail park, Gateshead
NewRiver is to open a new store for specialist cycling retailer Cycle Republic, part of the Halfords Group, at Allison Court retail park in Gateshead. The new store is the brand’s first in the North East of England and its first in the NewRiver portfolio.
Allison Court, next to theintu Metrocentre on the A1, was acquired by NewRiver in 2015, and Cycle Republic joins a retailer line-up including American Golf, Fitness Superstore and Halfords Autocentres.
Cycle Republic has taken a 5,500-sq ft unit that was previously let to Maplin. A new 10-year lease has been agreed at a rent more than 25 per cent higher than previous passing rent.
Asset management directorCharles Spooner said: “. This opening is another endorsement of the attractiveness of our assets, which provide accessible locations, strong footfall and affordable rents, and serves as another example of how retail failures can present opportunities for us to introduce better retailers to our assets on more attractive terms.”