Deal has been agreed to secure the future of a megastore site in Plymouth.
This artist impression shows how a retail park could look once four new retailers move in to the site where B&Q now stands. The image shows how Coypool Retail Park would look after the property consultancy, which has agreed the deal for the site, signed off on its acquisition of the former B&Q premises.
A huge new electrical store and three other retailers are taking over the site after the branch of the DIY chain closes the Plympton store in January following the Christmas sales. Family-run HBH Woolacotts has teamed up with Furniture World to breathe new life into the unit at Coypool Retail Park.
The building will be extended and split into four units, with the two other tenants yet to be confirmed. The proposals will create 26 full-time employees at HBH Woolacotts and 28 staff in the Furniture World store.
The Woolacotts and Furniture World duo has already formed a joint venture in St Austell, in what was a "run-down" area. Bruton Knowles today announced that it had completed the acquisition of the former B&Q premises at Coypool Road for their clients HBH Woolacotts and Furniture World. The off-market deal followed weeks of speculation as to the store's fate.
Mark Slade, from Bruton Knowles' Lockyer Street office, said: "We were instructed to acquire the Coypool Road site – with a view to dividing into smaller units."
Regional electrical retailers H B H Woolacotts will open a 21,500 sq ft unit while Furniture World will occupy 17,700 sq ft.
"We have a further 6,000 sq ft of the premises under offer to a 'blue chip' retailer with 8,700 sq ft unit to be constructed on the site of the former B&Q garden centre area available on the basis of a new lease."
Mark Slade added: "This is one of the biggest deals we have dealt with in the city this year.
"The major players are jostling for space on Coypool Retail Park demonstrating increasing confidence in Plymouth's out of town retail offering."
In a new planning application, the partnership says it intends to develop the site "immediately" following the closure of B&Q early next year.
In April this year, the DIY retailer announced 60 branches across the UK and Ireland are set to close, including its store at the retail park. B&Q confirmed the Crownhill branch would remain open. A new B&M has taken over what was the Furniture World unit nearby, next to the McDonald's drive-thru.