Fenwick commits to iconic Bracknell store as town centre regeneration moves forward.
04 November 2014
The Bracknell Regeneration Partnership (“BRP”), a 50:50 Joint Venture between Legal & General Property and Schroder UK Property Fund, announces that it has secured a major pre-letting to Fenwick, the fashion-led department store group that is synonymous with affordable luxury.
Taking an 80,000 sq ft store arranged over three floors, on a 25-year lease, the new Fenwick store will be located in a landmark position fronting Millennium Way, immediately adjacent to and directly connecting with the new six level multi-storey car park. BRP anticipates construction commencing in Summer 2015, with the new development and Fenwick store expected to open in Autumn 2017. Last month BRP submitted a planning application to upgrade the external appearance of the Fenwick department store, which will become a defining feature of the new Town Centre with its striking, lit-up, night-time façades.
The new development in the north of Bracknell Town Centre will comprise almost 600,000 sq ft of new retail and leisure space, which represents an investment of over £200 million. Over 50% of the scheme has already been pre-let or delivered, with retailers including Marks & Spencer, Primark, Waitrose and H&M. Cineworld has also committed to a new 12-screen cinema, including an Imax, which spurred a raft of quality restaurants to sign up, including Carluccios, Zizzi, Coast to Coast, Gourmet Burger Kitchen, Pizza Express, Nando’s and Las Iguanas.
Mark Fenwick, Chairman of Fenwick Limited, said: “Bracknell is located in the heart of the affluent catchment of East Berkshire. We are now confident that BRP has brought forward a Masterplan that will fundamentally change the landscaping and urban realm of the town. We are proud to be anchoring a scheme of real quality that will provide a vibrant new retail and leisure destination for the South East.”
James Lass, Fund Manager for Schroder UK Property Fund, commented: “Our proactive asset management strategy has enabled Schroders and L&G to secure the exciting arrival of Fenwick to Bracknell’s evolving town centre. This major retail coup is concrete evidence of our commitment to the regeneration of the town and to securing the arrival of prominent brands here. We are delighted to be welcoming Fenwick and see this as a significant milestone in our development plans for the town.”
Simon Russian, Head of Retail Development at Legal & General Property, added: “This is a defining moment for Bracknell. We are delighted to have secured a retailer of the quality of Fenwick to anchor the regeneration of Bracknell town centre, alongside Marks & Spencer, Primark and the already successfully trading Waitrose, and is testament to the close and cooperating relationship we have built up with Fenwick and Bracknell Forest Council who have been hugely supportive . We are convinced that the quality of the Fenwick brand will appeal directly to the town’s affluent catchment and provide a point of difference for the shopping catchment located south west of London.”
Cllr Marc Brunel-Walker, executive member for economic development and regeneration, said: “To secure such a high-quality retailer as Fenwick is a major boost for the regeneration of Bracknell town centre. This recent addition, which complements the already committed line-up of retailers, shows just what a diverse town centre our residents and visitors will be able to enjoy in just a few years’ time. We are delighted that both Legal & General and Schroders have publicly reconfirmed their commitment to this scheme and we remained fully supportive.”
Cushman & Wakefield acted for Fenwick, while CBRE and Lunson Mitchenall advised BRP.
Notes to editors
Legal & General Property
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 £465bn in assets on behalf of over 3,100 clients (30 June 2014) and provides products and solutions spanning all asset classes. LGP is the fourth 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 September 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.
Schroders has managed property funds since 1971 and currently has £11.6 (€14.5 /US$19.9)) billion of gross property assets under management as at 30 June 2014 and has around 100 property staff located in 9 offices across the UK and Europe.
Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
For further information about Schroders’ property business visit www.schroderproperty.com
For further information, please contact:
Sophie Elliott/PJ Appleton
Redwood Consulting for Schroder UK Property Fund
020 7828 5553
For more information please contact:
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)