Legal & General reaches major regeneration milestone in Eastbourne
3 Dec 2018
LGIM Real Assets (Legal & General) announces that it has launched a new £85 million retail and leisure extension which forms part of Legal & General’s £220 million retail and leisure scheme, formerly known as the Eastbourne Arndale Centre.
This weekend saw the opening of five brand new stores to the public. Schuh, New Look, Flying Tiger and Paperchase all opened their doors with Jack Wills also due to open early December, following on from Next, H&M and Fat Face who opened in October. Premier League Football Club Brighton & Hove Albion will also open a temporary shop in the extension until December 23.
The second phase of the retail and leisure extension will follow in April 2019, when Cineworld, Ask, Nandos, Chiquitos, Frankie & Benny’s and high-end jeweller, Brufords, will open for trade. To date, agreements have been exchanged on over 70% of the total extension floor area.
Alongside investment in The Beacon, Eastbourne Borough Council is delivering The Devonshire Quarter, a £54 million project to create a top cultural, sporting and conference destination and is also carrying out major highway improvement works in partnership with East Sussex Council. These works continue to underpin economic growth within the area, as one of the fastest growing seaside towns in the UK. Legal & General and the Council have worked in close collaboration to support this growth, proactively bringing new initiatives forward which will benefit regeneration within the town.
Please read the full press release via the link below.
Creating and improving a retail destination is more than just carrying out a refurbishment. It is about understanding the needs of the local area and working hand in hand with local authorities and occupiers to ensure a holistic transformation can take place within the wider town.
Michael Barrie, Head of Fund Management at LGIM Real Assets