L&G and Licet start on site on Bournemouth Leisure scheme.
01 December 2014
Legal & General Property (LGP) announces, on behalf of its Leisure Fund, that final contracts are now signed to bring forward a £50 million leisure development in the centre of Bournemouth. As a result construction will today (1 December 2014) start on site.
VINCI Construction UK has been appointed as the construction contractor. Spanning a two acre site, the 120,000 sq ft town centre regeneration scheme, which is being developed by Licet Holdings, comprises a 10-screen, 2,000-seat Odeon cinema, together with 14 restaurants pre-let to Nando’s, Handmade Burger, Coast to Coast, Prezzo, Ask Italian, TGI Fridays, amongst others.
Situated on a prime town centre NCP car park site, it is located adjacent to the main retail pitch of Bournemouth and overlooking the award winning gardens, as well as opposite a brand new £60 million five star Hilton hotel anchored development scheme. With an 18-month construction period, the scheme is targeted for late Summer 2016 completion. It is due to create a total of 500 new jobs in the town.
The all-weather family-friendly attraction, on Exeter Road, was originally granted consent in 2007. However, like many other leisure schemes across the UK, the economic downturn amongst other challenges prevented the scheme from moving forward. Fortunately many of the restaurant operators stuck by the original scheme and, following the agreement of final contracts, L&G and Licet Holdings are able to make this highly anticipated leisure scheme a reality.
Andrew Ferguson, Head of Leisure at Legal & General Property, commented:
"After years without a dedicated family-orientated leisure offer within Bournemouth’s town centre, significant steps forward are at last being achieved to realise the potential of this key site.
"Without question this is the most eagerly anticipated cinema and restaurant-led leisure development that the UK has seen in the past ten years and we are extremely proud to act as its forward funding partner. Backed by some of the UK’s top leisure operators, we believe this development will not only add a vibrant, high quality leisure offer that strongly appeals to the local population and visitors from much further afield, but it will act as a major catalyst to Bournemouth’s wider regeneration."
Chris Dymond, Director of Licet Holdings, added:
"Following many years of rigorous planning, working with the Council and our partners, it is all signed and sealed and we are delighted to be starting the construction of this unique and vibrant attraction, clearly signalling that Bournemouth is very much open for business."
Knight Frank represented LGP, while CBRE advised Licet Holdings.
Notes to editorsLegal & 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 £476.8bn in assets on behalf of over 3,100 clients (30 June 2014) 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 17 separate funds or vehicles including three segregated mandates with an aggregate asset value of £14.5bn as at 30 October 2014. These funds include:
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
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