Primark and Next to expand their Northampton town centre presence, through Grosvenor Centre move, as they commit for the long term.
03 December 2013
Legal & General Property announces that, having exercised its lease breaks with the existing anchor store, it has agreed lettings with Primark and Next at the Grosvenor Centre (the “Centre”), as they both look to expand their presence in Northampton Town Centre and commit for the long term.
Relocating from smaller premises, Primark, the high street fashion retailer, will take a new store in a key position within the Centre that will be over three times larger than its current unit at the end of Abington Street.
Next, the British multinational clothing, footwear and home products retailer, will occupy a 16,500 sq ft store alongside Primark on the ground floor of the Grosvenor Centre, on a 15 year lease, moving from its 1980s, smaller unit on Market Walk.
Both retailers plan to open at the Centre within the next 18 months. These two lettings coincide with the recent announcement that the Grosvenor Centre will undergo an extensive refurbishment programme, costing circa £3 million, in order to rejuvenate its retail offer, providing a bright, open and modern shopping experience. The new-look Grosvenor Centre is due to be complete in September 2014, subject to the appropriate planning consents, in order to be ready in good time for the 2014 Christmas trading period.
Simon Russian, Head of Retail Development at Legal & General Property, commented: “We are delighted to welcome Primark and Next to the Grosvenor Centre and feel that these popular stores will make an extremely strong addition to the retail line up as we look to inject significant time and money into rejuvenating the Centre’s look and feel. Moreover, with both retailers currently located in smaller stores that no longer meet their modern day requirements, this is a very important step forward for Northampton, signalling the long term commitment of two well liked brands to remaining within the town centre, as well as expanding and centralising their shopping presence.”
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 £443bn in assets on behalf of more than 3,100 clients (30 September 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 £11.6bn as at 30 September 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.
Legal & General Property Limited. Registered address: One Coleman Street, London EC2R 5AA. Registered in England 2091897.
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
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About Legal & General
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.