The opening of the biggest branch of sci-fi haven Forbidden Planet outside of London will “add significantly” to the ongoing development and regeneration of part of Newcastle city centre.
Science fiction entertainment specialist Forbidden Planet has relocated its Newcastle store two doors away from its current home on Grainger Street, securing a long-term lease on a much bigger unit.
The unit, owned by Malhotra Group plc, has been vacant since being vacated by NatWest two years ago, but Forbidden Planet has now confirmed its future presence in the city by investing heavily in its new store.
Since acquiring the Grainger Street site in 2004, the Malhotra Group has made significant investment in the retail unit, as well as The Albatross Inn, which is owned by the business and occupies the floor above.
The area in and around Grainger Street is seeing much redevelopment, including the massive regeneration of Central Station, the development of the new Newgate Street Shopping Centre, and a raft of new leisure and retail openings.
Atul Malhotra, director of the Malhotra Group, said: “We have had a number of offers from potential tenants for the unit during the period it has been empty, but Forbidden Planet are a great fit and are making significant investment in the unit. They have committed to a long-term lease which is great news for their presence in Newcastle, as they are a hugely popular business.
“This will also add significantly to the ongoing regeneration of the Grainger Street area, it is another great boost for the area.”
Law firm Sintons is the long-standing legal advisor to Malhotra Group, with Real Estate Partner Alok Loomba handling all commercial property work within its portfolio.
Alok Loomba, who was assisted by Associate Danielle Dale on this transaction, said: “This was an in-demand site, as you would expect from a high-quality city centre retail unit, and the Malhotra Group now have a tenant who has expanded their presence in Newcastle, thereby confirming their commitment to the city.
