Several tenants at Overgate Shopping Centre in Dundee are extending their leases ahead of millions being spent on a new Frasers department store.
It is just over nine months since Frasers Group – majority owned by Sports Direct retail magnate Mike Ashley – acquired the mall.
The company has since confirmed its plans to transform the former Debenhams unit into a Frasers, due to open in September.
The investment has encouraged several existing tenants to renew their leases. Others have pledged to invest in their shops this year.
Overgate manager Malcolm Angus said the introduction of Frasers would benefit every shop in the centre.
Already celebrating a 500,000 rise in footfall last year to eight million, he anticipates the addition of Frasers could result in 10 million annual visits.
More details of Frasers Dundee development
Mr Angus said work developing the Frasers store began before Christmas.
The budget to transform Debenhams into Frasers exceeds £5 million. It is currently due to open in September.
“Fixtures and the fittings from the old Debenhams made more than £40,000 at auction,” he said.
“The building is in the process of being stripped out then the main contractors will come in to do the electrics, lighting and plumbing.
“The idea is ground floor will be a Frasers with cosmetics and beauty at the front and then it will move into clothing.
“The first floor and top floor will be a Sports Direct with Evans Cycles and USC.
“It is absolutely great to see work taking place and it will be done to a very high standard.
“Frasers Group buying the Overgate has been very positive. Millions are being spent on Frasers and potentially millions more in refurbishing the mall.
“A solar panel project, EV charging and cosmetic upgrades in the mall are all on the table.”
The shops extending Overgate leases
The Frasers development means the current Sports Direct and USC units will become empty.
Meanwhile, Argos has announced its intention to leave the centre in March and Smiggle will close this month.
Flannels – another brand owned by Frasers Group – is considering whether to move into the current Argos or Sports Direct unit.
Mr Angus said there is strong interest in the prime ground floor Smiggle site.
Recent lease renewals have included Claire’s, Warren James, Goldsmiths and Greggs.
In 2024, Warren James, Goldsmiths, Chopstix and Costa are all planning to upgrade their shops.
“On the back of Frasers we are seeing more companies investing in their shops,” Mr Angus said.
“It’s been a condition of some of the renewals we are working on.
“Several tenants already in the centre are hoping for larger units. Sports Direct and USC moving into Frasers will create opportunities.”
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