16 April 2012
Performance Retail Limited Partnership, a joint venture between Legal & General Property and Strathclyde Pension Fund, announces that it has submitted plans for a £70 million scheme that will transform the face of Eastbourne, unveiling images of how the town centre could look by the end of 2015.
The plans to extend the Eastbourne Arndale Centre include the demolition of buildings west of the Centre along Terminus Road and the construction of up to 22 new ground and first floor units, comprising a total of approximately 175,000 sq ft. Additionally the redevelopment will deliver additional car parking spaces and a new pedestrian access on to Terminus Road. Construction work on the scheme is expected to start within the next two years.
An exhibition last October to gain feedback from the public was attended by more than 5,000 people with an overwhelming majority supporting the extension to the Centre.
Simon Russian, Head of retail development at Legal & General Property, said:
“This takes the transformation of the town centre one step closer. We have spent a considerable amount of time and care consulting with the council and local community to ensure that our plans reflect the needs of the town. Not only do we believe that this scheme has the ability to significantly enhance the retail offer of the Arndale Centre and the town as a whole, securing its place as the regional shopping destination, but that it will kick start the town centre’s much needed regeneration.”
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £371bn of assets on behalf of more than 3,300 clients (31 December 2011) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £10.6bn as at 31 December 2011.
These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property
Income Fund; LPI Income Property Fund and the Hybrid Property Fund.
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering the West End office market’s latest landmark, Central Saint Giles, and currently involved in developing its high profile Covent Garden scheme, Agar Street, as well as significant town-centre retail regeneration projects, including Bracknell, Northampton and Eastbourne.
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.