Legal & General Property (LGP) unveils Â£65m Arndale Centre expansion plans.
19 July 2011
The first images have been released of how the Eastbourne Arndale Centre could look following a £65m extension.
The extension is being proposed by the Performance Retail Limited Partnership (PRLP), a joint venture between Legal & General Property and Strathclyde Pension Fund. If approved, the proposal will create between 15 and 20 new shops totalling circa 150,000 sq ft along with up to 500 jobs in a completely redesigned western wing to the Centre.
The extension has been welcomed by the Council’s Leaders as an exciting and vital boost to the town’s economy which will attract thousands more people to Eastbourne.
The plans, if approved, will boost Eastbourne’s retail offer and allow the creation of large units to attract new tenants to the town and allow existing retailers to expand to provide the range of retailers to meet proven demand for the town.
Simon Russian, Head of Retail Development at Legal & General Property, said:
“The Eastbourne Arndale Centre has the potential to be an attractive gateway into the town. There is a strong demand for new retail space in Eastbourne and the expansion of the Arndale will act as a catalyst to attract more regeneration and investment in the town centre.
“The Council has been very helpful in assisting us to develop proposals that will maximise the benefits for the whole of Eastbourne. The release of these new images coincides with our discussions with local stakeholders prior to submitting a planning application next year and ongoing discussions we have with occupiers.”
Subject to further discussions with the Council, a planning application is expected to be submitted in early 2012. If planning permission is granted, the extension could be open by 2015. Lunson Mitchenall and DTZ are the letting agents and the scheme will be designed by TP Bennett.
In a joint statement, Leader of Eastbourne Borough Council Cllr David Tutt and Eastbourne Borough Council Conservative Group Leader Cllr David Elkin, said:
“Extending and improving the town’s main shopping centre is crucial in terms of strengthening Eastbourne as a retail destination and ensuring our economic development is sustainable.
“By creating larger and more flexible retail units we will be able to attract more big name High Street brands, and with them far greater numbers of shoppers, which in turn will help sustain the wider retail sector throughout the town and create new jobs.
“The council supports the plans and looks forward to PRLP submitting a full planning application in 2012.”
- Ends –
Notes to editors
Legal & General Property:
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM) and one of the largest institutional property fund managers in the UK. LGIM had funds under management of over £356bn as at 31 March 2011, whilst LGP manages or co-manages 16 separate funds or vehicles and 2 segregated mandates, with an aggregate asset value of over £10.1bn as at 31 March 2011. These funds include:
Specialist Pooled Funds
- The Leisure Fund Limited Partnership; Industrial Property Investment Fund; UK Logistics Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
- Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
- Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust, UK Property Income Fund; and LPI Income Property Fund.
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry 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. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialism’s cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering the West End office market’s latest landmark, Central Saint Giles, and currently involved in developing two further high profile London schemes, Walbrook Square and Agar Street, as well as significant town-centre retail regeneration projects, including Bracknell, Northampton and Eastbourne.
Legal & General Property Limited. Registered address: One Coleman Street, London EC2R 5AA. Registered in England 2091897.
For more information please contact:
PR Manager Investments
t: +44 (0) 2031 242096
About Legal & General
Legal & General Investment Management Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091894.
t: +44(0) 20 3124 2096