The jeweller is preparing to open a 3,000 sq ft store at Bolton’s Market Place and vacate its unit at Crompton Place Shopping Centre, before it undergoes a £250m redevelopment.
Beaverbrooks, which celebrated its centenary in 2019, expects to open its new store this spring, having signed a 10-year lease with the landlord, Leeds-based asset manager Moorgarth.
Despite the well-documented difficulties facing the high street, Anna Blackburn, managing director of Beaverbrooks, said she was “optimistic about the future success of the new store”.
Moorgarth bought Market Place in 2013 and embarked on a £27m refurbishment programme that saw the building’s Victorian vaults converted into restaurant units now occupied by tenants including Nandos and Prezzo.
The project also saw the creation of a nine-screen cinema on the roof of the shopping centre, operated by Light Cinemas.
Alison Stewart, asset manager at Moorgarth Group, said: “Our £27m investment, paired with the council’s exciting £1.5bn town centre regeneration plans, will enable the town centre to move forward.
“Beaverbrooks’ commitment to the Market Place Centre, particularly against a backdrop of uncertain times within the retail sector, is a very significant and incredibly positive step in this journey.”
Tim JE Letts advised Moorgarth and Kenneymoore advised Beaverbrooks.
Beaverbrooks’ move from Crompton Place follows Bolton Council’s approval of a plan to redevelop the 280,000 sq ft retail complex as part of the wider £1.5bn transformation of the town centre.
The planned redevelopment of the shopping centre includes a 110-bedroom hotel, 150 homes and 113,000 sq ft of office space.
The project, designed by architect Chapman Taylor, is being delivered by Bolton Regeneration, a joint venture between construction firm Beijing Construction Engineering Group International and regeneration specialist Midia.
Under the plans, Crompton Place would be demolished, leaving Market Place, located on Knowsley Street in the town centre, as the town’s main retail complex.
Beaverbrooks will join fellow retailers H&M, Boots, Next, River Island, JD Sports, New Look, Footasylum, and Pandora at Market Place.