Friars Walk is a partially under-cover
shopping centre
A shopping center in American English, shopping centre in English in the Commonwealth of Nations, Commonwealth English (see American and British English spelling differences#-re, -er, spelling differences), shopping complex, shopping arcade, ...
and leisure complex in
Newport city centre,
South Wales
South Wales ( ) is a Regions of Wales, loosely defined region of Wales bordered by England to the east and mid Wales to the north. Generally considered to include the Historic counties of Wales, historic counties of Glamorgan and Monmouthshire ( ...
. It has several levels and includes a range of
high street
High Street is a common street name for the primary business street of a city, town, or village, especially in the United Kingdom and Commonwealth. It implies that it is the focal point for business, especially shopping. It is also a metonym fo ...
shops, eateries,
a cinema,
a bowling alley and a soft play area.
Development
The site was originally planned by Modus Corovest, however these were scrapped in 2009 due to the
2008 financial crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
.
Plans were revived in a £100 million public-private scheme by Queensberry Real Estate and
Newport City Council
Newport City Council () is the governing body for Newport, one of the principal areas of Wales. It consists of 51 councillors, who represent the city's 20 wards.
The council is currently, and has historically been, held by the Labour Party. ...
in 2012. Plans included a six-screen cinema, ten pin bowling alley, eight restaurants and a 350 space carpark.
A new bus station was also included, with finance coming from a £90 million loan from Newport City Council.
The new design was by Leslie Jones Architecture.
Construction began in April 2014. The scheme opened on 12 November 2015, raising Newport from 200th to 77th in the UK's retail rankings and heralded as a "lifeline for Newport".
The total cost came to £117 million.
Location
The complex is linked by the redeveloped
John Frost Square to the
Kingsway Shopping Centre,
Newport Museum, Art Gallery and Central Library and
Newport bus station. The complex is a short walk from the high street shops of
Commercial Street and
High Street
High Street is a common street name for the primary business street of a city, town, or village, especially in the United Kingdom and Commonwealth. It implies that it is the focal point for business, especially shopping. It is also a metonym fo ...
.
Newport railway station is also a short walk away.
The Friars Walk car park holds 350 cars and over 1,000 spaces are available in the adjacent Kingsway
multi-storey car park, both accessed from the A4042 Kingsway. There are cycle racks located in Usk Plaza.
Ownership
The ownership of the site has been the source of discussion due to the decision of the freeholder, Newport City Council, to not disclose the beneficial owner of the headlease,
and therefore not reveal the recipient of the substantial subsidy payments for empty units, which amounted to £1 million over two years as of 2022.
The site was developed by Queensberry Real Estate after a loan agreement in a public-private partnership with Newport City Council.
However this left the council open to shortfalls for empty units, prompting it to agree a subsidy arrangement with Queensberry which ensures that the Council pays compensation (up to a cap) for empty units in the development.
In June 2017, the site's developer Queensberry Real Estate sold the centre to
Talisker Corporation, the Canadian owner of
Main Square in
Toronto
Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
, and
Canyons Resort in
Park City, Utah
Park City is a city in Utah, United States. Most of the city is within Summit County, Utah, Summit County, with some portions extending into Wasatch County, Utah, Wasatch County. It is considered to be part of the Wasatch Back. The city is sou ...
.
It emerged that the leasehold interest in the site (Friars Walk LH Limited) had changed hands in early 2022.
Wales Online
Media Wales Ltd. is a publishing company based in Cardiff, Wales. As of 2009 it was owned by Reach plc (formerly known as the Trinity Mirror Group). It was previously known as the Western Mail & Echo Ltd.
History
The ''Western Mail'' was fou ...
repeatedly sought to obtain these details through a Freedom of Information request but the Council initially refused stating that "the disclosure of information relating to
..financial or commercial performance could likely affect future business dealings along with the reputation of the parties concerned".
In July 2023 it was reported that the rights to the subsidy payment had been sold separately to the ownership of the lease on the site, to a Jersey based business named Old Star Finance.
In January 2024 it was confirmed that Cyrus Capital Partners Europe LLP were the new beneficial owners of the headlease.
The business is a subsidiary of the Anglo-American hedge fund of the same name, which specialises in "complex, structurally distressed investments". The European business is run by Lucien Farrell, who has made "investments in over 100 companies, the majority of which would be considered stressed or distressed companies" including the now defunct British airline Flybe.
Stores
As of March 2023, retailers included:
Chartist Steps
The steps connecting Usk Plaza to John Frost Square are inscribed with the six points of the
People's Charter to commemorate the
Chartist movement and the
Newport Rising
The Newport Rising was the last large-scale armed rising in Wales, by Chartism, Chartists whose demands included democracy and the right to vote with a secret ballot.
On Monday 4 November 1839, approximately 4,000 Chartist sympathisers, under ...
of 1839 led by
John Frost.
Gallery of Friars Walk
Image:Friars Walk development, Newport - geograph.org.uk - 3975496.jpg, Friars Walk during construction
Image:Friars_Walk,_Newport.jpg, Usk Plaza, Friars Walk, 2015
Image:Chartist Steps1 Newport.jpg, Chartist steps (upper), Friars Walk
Image:Chartist Steps2 Newport.jpg, Chartist steps (lower), Friars Walk
Image:Vision of Saint Gwynllyw Sculpture.jpg, Sculpture of Vision of Saint Gwynllyw by Sebastien Boyesen
Image:Friars Walk, Newport viewed from Austin Friars.jpg, Viewed from Austin Friars, to the south west
References
{{Shopping centres in Wales
Shopping in Newport, Wales
Shopping centres in Wales
Commercial buildings completed in 2015