Developer Quadrant Estates has exchanged lease agreements with two major UK retailers at its development in Old Mill Road, Portishead.

The retailers, New Look and Peacocks, have taken 6,000 sq ft and 5,500 sq ft respectively.

Construction is about to start on the scheme and is expected to be completed in August.

The development is likely to create more than double the number of jobs generated by the formerly occupied warehouse.

The investment of £6.6 million has been funded by Rowe Estates.

The completed development will provide 21,500 sq ft of open A1 retail warehousing accommodation, located at the end of Portishead High Street.

The scheme forms part of major regeneration plans for the town, connecting new and existing facilities to create a single, self-sufficient and sustainable town centre designed to attract shoppers.

The new retail scheme is adjacent to the new Waitrose store within the Port Marine development, which includes 3,420 new homes.

A total of four units will be provided by the scheme.

In addition to Peacocks and New Look, a unit of 4,500 sq ft is under offer, leaving just one remaining vacant unit of 5,500 sq ft.

This last unit is being marketed by Stephen Smart & Co, quoting £16.50 per square foot.

The scheme is being built to BREEAM Very Good standards, and benefits from the use of on-site renewable energy resources.

This includes a ground source heat pump and a vertical axis wind turbine which will generate a significant proportion of the site's communal power needs.

Christopher Daniel, director of Quadrant Estates, said "We are excited that despite the general economic conditions, our strategy of seeking viable developments in areas of regeneration has continued to prove successful.

"To be bringing retailers of the quality and strength of New Look and Peacocks to Portishead and considerably advancing the shopping choice of local residents is extremely satisfying."

Quadrant Estates has been advised by Stephen Smart & Co. Rowe Estates has been advised by Cluttons.