Cribbs Mall reaches near-full occupancy in 2023
Cribbs Mall has reached nearly full occupancy, as the Bristol scheme welcomes over 110,663 sq ft of leasing transactions in 2023.
The joint asset managers of Cribbs Mall – M&G Real Estate and Pradera Lateral – reported that 36 leasing transactions took place over the course of the year, bringing occupancy to 99.7%.
This included new lettings to the likes of Victoria’s Secret, Mango, Charles Tyrwhitt, and Greggs, as well as renewals to retailers including Boots, Waterstones, and Fat Face. The scheme also welcomed pop-up tenants for the Christmas period.
In addition, Cribbs Mall has seen the expansion of existing tenants Wagamama and Phase Eight. The former signed a 15-year lease renewal to upsize its unit from 3,455 sq ft to 4,499 sq ft, whilst the latter agreed a new five-year lease for an upsized 4,146 sq ft unit, set to open early in 2024.
M&G and Pradera Lateral have also reported that over the course of 2023, footfall at Cribbs Mall increased by 8% compared to the previous year.
The asset managers have also welcomed Longlands to the neighbouring Cribbs Retail Park, with the furniture retailer completing a 10-year lease for a 9,995 sq ft unit. The retail park is now at 100% occupancy, with B&Q, Currys, Ninja Warrior, and Smyths also occupying large units.
Scott Linard, portfolio director at M&G Real Estate, said: “As we move into the New Year, we are already talking to several retailers who are keen to benefit from the strong footfall which Cribbs Mall is experiencing. It is certainly an exciting time for Cribbs Mall – and the wider Cribbs Causeway area – which is continuing to grow, thanks to several new neighbouring attractions, including the relocated Bristol Zoo and the creation of additional residential communities to the north of Bristol. These developments, combined with the diverse range of operators located across Cribbs Mall, Cribbs Retail Park and Cribbs Venue, means the area is a perfect location for retail, leisure and F&B companies looking to increase their presence in the West Country. We look forward to welcoming more new arrivals in 2024.”
James Osbaldeston, asset manager at Pradera Lateral, added: “The past 12 months have been hugely successful for Cribbs Mall and the surrounding area. It has been great to welcome strong retail brands such as Victoria’s Secret, Charles Tyrwhitt, and Greggs, as well as growing operators including Clogau and Mooch. It has been particularly pleasing to see so many of our popular retailers commit their futures to Cribbs Mall, in particular Phase Eight and Wagamama, both of which have increased their presence at the centre by taking more space. We look forward to working with our existing and future operators to ensure Cribbs Mall continues to provide an environment which supports their needs and ensures they continue to trade successfully.”
Time Retail Partners and Cushman & Wakefield are Cribbs Mall’s retained letting agents.