BRP to bring Zizzi and Nando's to Bracknell, successfully reaching over 60% in its pre-lease programme.
24 October 2013
The Bracknell Regeneration Partnership (“BRP”), a 50:50 Joint Venture between Legal & General Property and Schroder Property, announces that it has signed up restaurant operators, Zizzi and Nando’s, to Bracknell’s town centre, meaning that circa 63% of the new floor space has now been built, pre-let or is in legals and BRP can look to secure key funding and enter the next important stage of its regeneration programme.
Zizzi, the popular Italian restaurant brand, will be taking a 3,300 sq ft building on a 15 year lease, while Nando’s, home of the legendary flame-grilled Portuguese PERi-PERi Chicken, is taking a 6,000 sq ft unit on a 20 year lease. Both restaurants will be situated in the new Northern Retail Area of the town centre, adjacent to the cinema. These are the latest lettings that BRP has secured for the redevelopment of Bracknell’s town centre, and follow the announcements that M&S had taken a pre-let on an 80,000 sq ft store, Cineworld has agreed to take a 12-screen, 41,500 sq ft cinema and, more recently, that H&M has signed a pre-let on a 26,000 sq ft retail unit.
These pre-lets signify a major step forward in the regeneration of Bracknell town centre and will act as catalysts in attracting further major national operators to the town centre that have not previously been represented. Having achieved this significant stage in the lettings programme and with demolition works fully underway, BRP will now also look to raise further capital for the project, in order to ensure additional funding for the next phase of construction works.
Bracknell town centre will be completely transformed into an exciting, vibrant destination of choice for the people of Bracknell and the wider Thames Valley. The aim is for Bracknell to become a ‘best in class’ sub-regional retail destination and regain its position in the retail hierarchy. The main focus is on providing a whole town solution, creating a family friendly offer and a thriving evening economy with a strong emphasis on leisure.
The regeneration will be radical and wide ranging. Working very closely with Bracknell Forest Council, the scheme will achieve a complete transformation of Bracknell town centre, significantly improving the quantity and quality of shopping and leisure on offer, in addition to providing new landscaped public spaces and town wide public improvements. The revitalised town centre will have a strong line up of national retailers and major anchor stores, and the retail space will be built to a high specification to accommodate modern retailer requirements.
The masterplan for the town centre was adopted in 2002. The scheme was granted outline planning permission in December 2006 and was subsequently revised in 2007. Detailed planning consent for the Northern Retail Area was granted in July 2013 followed by detailed planning consent for Charles Square in September 2013. The town centre redevelopment will be achieved by a phased development but with a holistic approach to town planning, creating a strong retail circuit and with a focus on obtaining the right tenant mix.
An exciting and vibrant retail and leisure offer will be created in the north of the town centre on the site currently occupied by Crossway and Broadway. Approximately 580,000 sq ft of retail and leisure space will be created across 50 units including two department stores, a number of MSUs, unit shops, a cinema, restaurant units and a 1,300 space car park. The Northern Retail Area will be focused on a combination of high quality, fashion retailers and high street fashion brands as well as family focused restaurants.
Neil Crawford, Retail Development Manager at Legal & General Property, commented: “Bringing exciting new dining options to the town and complementing the retail and leisure lettings that we have made to date, we feel that both these well regarded restaurant operators extend the variety of experiences that will be on offer, meeting the wide ranging needs of the local catchment area. They also represent a big step forward in the regeneration of Bracknell’s town centre and therefore present right point in the project for BRP to now go ahead with its capital raising exercise in order to ensure that it has the appropriate levels of funding required to deliver the next stage of this high quality regeneration programme.”
Ian Mason, Head of UK Property Fund Management at Schroders, added: “The interest from retailers and restaurants continues to be extremely strong and, with a healthy pipeline of pre-lets coming forward, and feel confident that the project is now entering into a really exciting stage.
"We have been pleased with the pace of the demolition work on site. This has enabled the people of Bracknell to see visible signs of the momentum building behind the scheme.”
CBRE and Lunson Mitchenall advised BRP on the lettings.
Notes to editors
Legal & General Property
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 £433bn in assets on behalf of more than 3,100 clients (30 June 2013) 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 £11bn as at 30 June 2013. 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 West End landmark building, Central Saint Giles, and Agar Street, its high profile Covent Garden office scheme, amongst others, and is currently involved in bringing forward a number of significant town-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Northampton and Eastbourne.
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