Pop-up mall concept Boxpark is opening in Wembley next year ahead of a country-wide expansion.
The creators of the shipping container-inspired venue have agreed a deal with Quintain to open at the developer’s scheme Wembley Park.
Boxpark Wembley will be its largest venture yet. It will sit on an acre site and have 29 available units for pop-up retail and food stalls, comprising 23,000 sq ft of lettable space. It has agreed a 10-year term with Quintain with a five year break.
The Wembley area is currently undergoing an investment-driven transformation. Wembley Park has already seen £1bn invested since 2002. Between now and 2020 it is expected that a further £2bn will be invested as Quintain develops around 1m sq ft of office and workspace and a further 6,000 homes.
Following Boxpark Shoreditch, which opened in 2010, and Boxpark Croydon, which opened in 2016, the new Wembley site will have a different building design and has evolved from its shipping container roots.
In addition to shops and dining outlets the new mall will also host an annual programme of events, including live music, talks and workshops in a 2,000-person capacity venue and a separate 300-person venue.
Although the new venue will not open until the end of 2018, it will begin to lease the units in the coming months and will be targeting local traders, independent retailers, and start-ups.
Boxpark also has aggressive plans to expand the concept nationwide, as well as internationally. It is looking to open around 30 new locations over the next five years. It requires around an acre for a site, but as it builds its own malls, its requirements can be flexible.
Development director Matthew McMillan said: “Our strategy is to look for around 30 new locations over the next five years, and we are looking overseas at the same time. We have proven from our sites in Shoreditch and Croydon that although they are both very different markets, it still works successfully. Now we are looking to take the plunge outside the M25.”
It will be targeting the top 15 cities in the UK, with a particular focus on Bristol, Manchester and Liverpool first, and will look to be as close to town centres as possible.
McMillan said: “The scheme we delivered in Croydon has been brilliant. We took an acre site right next to the station and we have seen a save of benefits around 198 ha of Croydon and in the town centre where the vacancy rate has dropped from 15% to 4%. We have seen some commercial rents go up for office occupiers to £35 per sq ft Grade A. Many occupiers that would never have considered Croydon have now started look at it for HQ operations.”
Despite concerns in the retail and leisure market surrounding the longevity of the surge in pop-ups and the growing trend for flexible leases, McMillan believes it is a concept that is here to stay.
“Pop up is a funny word,” he says. “Do we just pop up or is it something more than that? We popped up in Shoreditch and we’re still there, aren’t we? So, when does it turn from a pop-up to something more permanent? There’s the question.”
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