Bella Italia, Chiquito and Nandos sign up to Mansfield Leisure Park as L&G successfully wins planning appeal.
07 October 2014
Legal & General Property (LGP) announces that it has successfully won its planning appeal to extend and enhance Mansfield Leisure Park as it unveils the three restaurant operators due to take new space at the park.
Following the planning inspector’s decision, the improved leisure scheme, which is due to start on site in Spring and open in time for next year’s Christmas trade (2015), will create up to 120 additional permanent jobs (comprising both full time and flexible working opportunities), as well as up to 100 jobs in the nine month construction period.
Taking long term pre-lets at the park, the popular, family-orientated restaurant groups are due to significantly increase the range of eating options available in the Mansfield area. Due to occupy a newly created, triple-unit catering terrace, Chiquito - Restaurant, Bar & Mexican Grill - has taken a pre-let on 4,000 sq ft on a 25 year lease, while Nandos and Bella Italia have both agreed to take 3,500 sq ft on 20 year leases.
Situated one mile to the south of Mansfield town centre, Mansfield Leisure Park comprises an eight-screen cinema operated by ODEON, a drive-thru McDonald’s and a Walkers Bingo. Since purchasing the scheme in November 2010, LGP has extended and re-geared the leases of the existing operators at the park, improving the overall lease profile.
James Whitehill, senior fund manager at Legal & General Property: “This is a great day for Mansfield and the surrounding area. Having identified the restaurant shortfall when we acquired the scheme back in 2010 and having worked hard to deliver a strong, viable and attractive scheme, the planning inspector’s decision allows us at long last to embark on this exciting new phase of development.
"Designed to refresh Mansfield’s overall offer, making it more attractive and better able to accommodate the needs of the local population, it will bring both significant employment and regeneration to the area at a time that it needs it the most. Backed by some of the UK’s top operators, we believe this extension not only complements the existing tenants at the park but positions the scheme well for the future.”
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 £465bn in assets on behalf of over 3,100 clients (30 June 2014) and provides products and solutions spanning all asset classes. LGP is the fourth largest institutional property fund manager in the UK, managing or co-managing 17 separate funds or vehicles including three segregated mandates with an aggregate asset value of £14.2bn as at 30 June 2014. These funds include:
- Balanced Funds
Life Fund; Linked Pensions; Linked Life; Managed Fund; Legal & General UK Property Fund; UK Property Income Fund I; UK Property Income Fund II; LPI Income Property Fund and the Hybrid Property Fund
- 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
- LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance. Owing to its size, diversity and penetration, it benefits from best-in-class banking and property 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 the significant resources provided by the wider LGIM platform. Protecting the medium to long term value of its portfolio, as a leader in sustainability, green principles are embedded into every property and investment decision.
- Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. In particular, the Company has a major development platform, responsible for delivering community-focused projects ranging from West End landmark buildings to significant town-centre retail and leisure regeneration schemes.
- Forming part of the Group’s larger UK housing and infrastructure investment strategy, LGP also continues to participate in a growing range of supply side housing activities, including financing affordable homes, the house building sector, urban regeneration, student accommodation and care homes.
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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Registered in England 2091897.