LGP Secures Revised Planning Consent for Arndale Centre Development in Eastbourne.
28 March 2014
Legal & General Property (“LGP”) announces that it has received consent on its revised planning application at the Arndale Centre in Eastbourne, paving the way for a £85 million retail and leisure extension to start on site in early 2015.
In 2012, approval was granted by Eastbourne Borough Council for a £70 million extension to the Centre in order to create an additional 175,000 sq ft of retail space, arranged over 22 new ground and first floor units, as well as further car parking spaces and a new pedestrian access on to Terminus Road. A revised application, which included seven restaurants and a cinema, was submitted in December 2013 and was approved by the planning committee this week. The additions to the scheme will raise LGP’s total investment to £85 million.
The extension is due to start on site in early 2015 and reach practical completion by the end of 2016. Once constructed, this major town centre regeneration project is expected to create of 700 full time jobs and provide a significant boost to the local economy. A major sub-regional shopping location, ranked 12th in the South East according to the NSLSP, the Arndale Centre is situated conveniently in the heart of the town with over 17 million visitors per year. 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.
Simon Russian, Head of Retail Development at Legal & General Property, said: “The addition of a state-of-the-art multi-screen cinema and new restaurants to the extension will revitalise the night-time economy of Eastbourne, while the 22 large new shops will give the town one of the best shopping offers in the region. Well located in the heart of Eastbourne’s town centre, this exciting extension will significantly enhance the schemes’ offer, attracting visitors from across the South of England and acting as an important catalyst for Eastbourne’s wider regeneration.”
Notes to editors
- Legal & General is one of the UK’s leading financial services companies and one of the UK’s top 50 companies in the FTSE 100 Index. Over 7 million people rely on us for life assurance, pensions, investments and general insurance plans.
- Legal & General has been an active participant in the annuity market for over 25 years and provides annuities to over 735,000 current pensioners and over 165,000 deferred pensioners.
- Legal & General Retirement Business is one of the leading annuity providers in the UK and has expertise in investment management, as well as an in-depth understanding of mortality trends and longevity risk. As one of the leading annuity providers, Legal & General’s aim is to consistently offer our customers competitive annuity rates that rank in the top 5 of annuity rates available.
- The information contained in this release is intended solely for journalists and should not be used by consumers to make financial decisions.
- Legal & General Assurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
- Legal & General Assurance Society Limited. Registered address: One Coleman Street, London EC2R 5AA. Registered in England No 166055.