LGP secures planning for new restaurant units at Towerfields Leisure Park, Huntingdon.
22 October 2012
Legal & General Property (“LGP” / the “Company”), on behalf of its Property Unit Trust (“PUT”), announces that it has secured planning consent for two new restaurant units at Towerfields Leisure Park, Huntingdon, which have been pre-let to popular family restaurant chains Bella Italia and Chiquitos.
Comprising 3,200 sq ft each, the units have been pre-let to Bella Italia and Chiquitos on minimum 15 year leases. Robert Simpson of Colliers is the appointed project manager and construction is due to commence on site in early January 2013, with completion due in September allowing the restaurants to open for trade in the run up to Christmas 2013. The addition of these two units is expected to create 45 new jobs following their launch, as well as a number of local jobs during the construction phase.
Towerfields Leisure Park was purchased by the PUT in May 2010. Situated in a prominent position to the north of Huntingdon, it provides a total of 58,000 sq ft of leisure space. Bella Italia and Chiquitos will join a strong line up of restaurant and leisure operators, including a 10-screen multiplex Cineworld cinema, LA Fitness, Frankie & Bennys, McDonalds, KFC and Blockbuster.
Tim Russell, Senior Asset Manager at Legal & General Property, said:
“Since acquiring Towerfields in 2010, we have worked hard on the asset management side to look at ways of investing in the scheme to further improve its tenant mix and refresh its customer offer, in order to ensure that it remains a popular local leisure destination. With planning consent now in place and pre-lets agreed to two popular family-orientated restaurant chains, we look forward to starting work on site early in the new year and welcoming Bella Italia and Chiquitos to the Park in time for next Christmas.”
Montague Evans acted on behalf of Legal & General Property, Wareing & Partners advised Chiquitos and Redleaf represented Bella Italia.
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 £381bn of assets on behalf of more than 3,300 clients (30 June 2012) 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 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £10.4bn as at 30 June 2012.
These funds include:
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; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
o Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property
Income Fund; LPI Income Property Fund and the Hybrid 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, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialisms 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 its high profile Covent Garden scheme, Agar Street, as well as significant town-centre retail and leisure regeneration projects, including Trowbridge, Bracknell, Northampton and Eastbourne.
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.
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London EC2R 5AA.
Registered in England 2091897.