Cineworld signs up at LGP's Arndale Centre in Eastbourne.
24 October 2014
Legal & General Property (LGP) announces that it has exchanged agreements with Cineworld for a nine-screen cinema within the new £85 million extension to the Arndale Centre in Eastbourne.
Taking a 25 year lease at the centre, the new multiplex cinema will occupy 31,000 sq ft over the second floor of the extension, providing the latest in digital projection technology and seating capacity for up to 1,250 customers. It is due to open its doors in early 2018, once the Arndale extension is complete.
This news follows the announcement earlier this year that LGP had successfully received revised planning permission for its extension, enlarging it to add a leisure element comprising seven restaurant units and a multi-screen cinema. The £85 million retail and leisure extension is due to start on site in late 2015 and includes 175,000 sq ft of new retail space, arranged over 22 ground and first floor units, as well as over 300 new car parking spaces and a new pedestrian link to extend the retail and leisure pitch towards the Town’s historic station.
Kevin Frost, UK Property Director at Cineworld, believes the town centre location will allow even more people to enjoy a great cinema experience in a more accessible setting: “We now feel the time is right to take up a more central location within the town and we are delighted to be moving into the new Arndale extension towards the end of 2017 or early 2018."
Simon Russian, Head of Retail Development at Legal & General Property, said: “As the regeneration of the heart of Eastbourne continues to gain momentum, this deal is a significant endorsement of the move of leisure operators back into town centres. The accessibility of the Arndale Centre to all modes of transport is a key factor and this major letting to Cineworld will act as a catalyst to boosting the Town’s evening economy, bringing with it a wide range of quality, family based restaurants. This is a significant step forward in the re-positioning of one of the South Coasts most successful shopping centres.”
The existing scheme is anchored by Marks & Spencer, BHS, Sainsbury's, River Island and Primark, whilst earlier this year H&M announced that it has taken a 23,000 sq ft pre-let on the extension, acting as its first anchor.
Lunson Mitchenall acted for LGP and Wareing and Partners acted for Cineworld.
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.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.