LGP announces first two restaurant operators at St Stephens Place Leisure Park, Trowbridge.
02 November 2012
Legal & General Property is pleased to announce that it has agreed terms with Nando’s and Prezzo to open restaurants at St Stephens Place Leisure Park in Trowbridge town centre, joining both ODEON and Premier Inn at what is set to be a first-class leisure destination.
Nando’s will occupy 3,020 sq ft at Unit 1 and Prezzo will occupy 4,384 sq ft at Unit 5. The deals mark the popular family restaurant chains first representations in Trowbridge and will give cinema goers, guests of the hotel and people of the town alike a strong and varied dining offer.
Works are progressing well on site at St Stephens Place Leisure Park with up to 100 tradespeople working on site. The ground piling has been completed, ground slabs are being installed and the first stages of the structural steel frame have started to appear on site. In the coming months there shall be extensive structural framing to all of the units becoming increasingly visible, as the site moves from ground works construction to superstructure.
Scheduled to open in October 2013, the long-awaited leisure development includes a seven-screen ODEON multiplex cinema, an 80 bed Premier Inn hotel, a range of family restaurants, cafes and bars, along with 111 new car parking spaces and a new landscaped river walkway and open space. Regenerating the southern part of the town centre, the scheme is designed to help make Trowbridge an exciting leisure destination for Wiltshire residents, confirming its position as the County Town of Wiltshire.
Tim Russell, Senior Asset Manager at Legal & General Property, commented:
“Appealing to a wide audience, Nando’s and Prezzo set the tone for the kind of high quality, family-focussed restaurant operators that we wish to bring to the town and this news is yet another very positive step forward for both St Stephens Place Leisure Park and Trowbridge.
“Based in the town centre, the restaurants will benefit from daytime and evening trade, and we feel that they offer welcome new dining options for local people. Advanced discussions are ongoing with a number of other restaurant operators and we look forward to make further announcements shortly.”
Jonathon Kaye, Chief Executive of Prezzo, added: “This site represents a strong addition to our portfolio and we look forward to opening our doors to the people of Trowbridge in Autumn 2013, providing a high quality food offer to complement the vibrant cinema anchored leisure scheme.”
Peter Gibson of Nando’s said: “We are very pleased to have finally secured our first restaurant in Trowbridge, which is a town that we have looked at for a number of years. The Nando’s offer is something completely new and fresh to Trowbridge and we are excited to be a part of this development.”
Savills and Alder King acted for Legal & General Property. Insight Retail advised Nando's and George Trevor Associates represented Prezzo.
Notes to editors
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 £381bn of assets on behalf of more than 3,300 clients (30 June 2012) 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 £10.4bn as at 30 September 2012.
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 outperformance 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 and leisure regeneration projects, including Bracknell, Trowbridge, Northampton and Eastbourne.
For more information please contact:
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
About Legal & General
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Registered in England 2091897.