Work to start at St Stephens Place Leisure Park, Trowbridge, following completion of Odeon and Premier Inn contracts.
20 April 2012
Legal & General Property announces that it has exchanged contracts with Odeon and Premier Inn at St Stephens Place, meaning that work can now begin on regenerating the key Trowbridge town centre brownfield site.
With discussions with construction contractors already well underway, and an appointment expected imminently, works are now due to begin on the St Stephens Place Leisure Scheme. Formerly home to a Tesco store, the site has lain dormant since the mid-1990s. Scheduled to open in October 2013, the long-awaited development will include a seven-screen Odeon multiplex cinema, a range of family restaurants and an 80 bed Premier Inn hotel. Set within a landscaped setting, the scheme will also incorporate public open spaces and riverside walks.
Legal & General Property is behind the proposals which will see a range of leisure uses designed to regenerate the southern part of the town centre and help make Trowbridge an exciting destination for Wiltshire residents. The regeneration proposals have received overwhelming support from Trowbridge residents throughout the planning process. Thousands of residents commented online and filled in supporter postcards.
Tim Russell, Senior Asset Manager at Legal & General Property, comments:
”The support we have received from the people of Trowbridge has been overwhelming and we are delighted to now be in a position where we can deliver this vital leisure regeneration of the town centre. In addition to having now finalised the arrangements for the cinema and hotel, I can confirm there has been a strong level of interest from operators who wish to occupy the restaurant units. With the signing of contracts we can finally start work on site with a view to delivering an Odeon multiplex, Premier Inn hotel and a range of family restaurants that will be open for business by October 2013. The site has been a blot on the landscape of Trowbridge for over 18 years and we hope our cinema-led leisure development will act as a catalyst for further regeneration in this part of the town centre.”
Ken Taylor, Property Director for ODEON UCI Cinemas, added:
“We are fully committed to this dynamic, well designed scheme and are delighted that with pre-let contracts in place work can now start on site immediately. This will allow us to be open and trading next year, bringing a family-led leisure offering to the town centre and ending years of frustration for the people of Trowbridge.”
Richard Pearson, Acquisition Manager, Whitbread Hotels & Restaurants, added:
“Premier Inn is in growth mode as we continue to deliver more locations for customers across the UK and work towards our target of 65,000 bedrooms by 2016. St Stephens Place Leisure Park is another outstanding location for us and we’re pleased to be investing into Trowbridge and working with Legal & General to deliver this important regeneration scheme. Work is due to start on site immediately and we look forward to opening our doors to customers in 2013.”
The proposals can be viewed online at www.trowbridgecinema.co.uk and local people can follow the scheme’s progress on Twitter – @StStephensPlace.
For further information and images, please contact:
Johnny Kidney on 01225 422243
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 £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.
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.