Six further retailers sign up at Eastbourne's Arndale Centre.
14 November 2012
Performance Retail Limited Partnership, a joint venture between Legal & General Property and Strathclyde Pension Fund, announces that it has secured a further six new lettings at the Arndale Centre in Eastbourne.
New deals have been concluded at the Centre to Select, The Fragrance Shop, Jessops, Krisp, Grape Tree and Card Factory, all of whom will be open and trading in time for Christmas. Comprising a total of circa 16,000 sq ft, they follow off the back of recent lettings secured to River Island and Sports Direct, and form part of the reconfiguration of the existing scheme in order to improve the tenant line up.
The Centre, which is anchored by Marks & Spencer, BHS and Primark, successfully received planning consent for a 175,000 sq ft extension in August, which, subject to the completion of Section 106 agreements could mean work starting on site within the next 18 months. This would bring about the major expansion of the town centre’s retail offer through the construction of up to 22 new ground and first floor units, as well as additional car parking spaces and a new pedestrian access on to Terminus Road.
Simon Russian, Head of retail development at Legal & General Property, said: “Ahead of our expansion plans, we continue to work very hard to ensure that the existing Centre meets the needs of the modern shopper and retailer, and the sheer volume of these lettings reflects the attractiveness of the Arndale Centre and Eastbourne more generally. The extension will significantly enhance this offer and look forward to making further announcements about it, as and when appropriate.”
Alex Mountford, Associate Director at DTZ, commented: “Eastbourne has always had a high level of retailer demand and, as a result of a number of carefully thought out asset management initiatives, we have managed to unlock further space at the Centre, enabling us to create units better suited to modern retailer needs and therefore allowing us to bring new brands into the town.”
DTZ and Lunson Mitchenall acted for Legal & General Property on the lettings, and are the retained joint agents on the scheme.
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 June 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 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 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
Legal & General Property Limited.
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London EC2R 5AA.
Registered in England 2091897.