The Bracknell Regeneration Partnership (BRP), a 50:50 joint venture between Legal & General Capital (LGC) and Schroder UK Real Estate Fund (SREF), has announced that is has successfully agreed a 20,000sq ft pre-let to Arcadia at its Northern Retail Quarter development in Bracknell Town Centre.
Arcadia has taken 20,000sq ft, bringing four relocated and expanded stores, Topshop, Topman, Dorothy Perkins and Burtons, to prime positions within the regeneration of the town centre, immediately opposite the Fenwick Department Store. The combined store is to be built over two levels and will provide the opportunity for shoppers to purchase their favourite fashion brands from the Arcadia fascias.
With over 59% of the scheme (by area) having been pre-let or delivered, BRP will start construction work later this month, with completion targeted for Spring 2017. It was recently confirmed that the main contractor for the scheme will be Mace. The scheme is to regenerate Bracknell Town Centre and provide new retail, leisure and residential apartments, within landscaped public spaces. The development’s principle occupiers in addition to the Arcadia brands will be Fenwick, Marks & Spencer, Primark, H&M and a 12 screen Cineworld multiplex, in addition to the existing highly successful Waitrose store.
James Lass, fund manager for Schroder UK Real Estate Fund, said: “With a significant and exciting pre-let to Arcadia now confirmed, it is clear that occupier interest is gaining strong momentum as we move towards commencing construction work on this transformational scheme later this month. We are confident that the scheme will redefine Bracknell’s shopping and leisure offering, and will provide the town with a varied and vibrant retail environment once the scheme opens in just over two years’ time.”
Paul Stanworth, managing director of Legal & General Capital, said: “We have liaised closely with Arcadia over the last couple of years to ensure the right proposition for its popular, multi-faceted brands and that it forms a significant part of the town centre regeneration, joining an impressive line-up of retailers. It is of upmost importance to us that the new face of Bracknell delivers a wide, varied range of quality retail and leisure options that appeal to all tastes and demographics within our discerning catchment area.”
Timothy Wheadon, chief executive of Bracknell Forest Council, said: “Arcadia is one of the UK’s biggest and most influential fashion retailers and so to have the company sign-up to such a huge store in our new town centre is very welcome news. Arcadia joins a growing list of retailers opening their doors in Bracknell town centre in Spring 2017 as part of the much anticipated regeneration; it truly is a very exciting time for Bracknell Forest residents, businesses and visitors.”