Legal & General Property (LGP) announces that it has agreed a third major anchor for its £85m extension to the Arndale Centre in Eastbourne, with a pre-let secured to Next.
Taking a 10-year lease at the Centre, Next, the British multi-national clothing, footwear and home products retailer, will occupy a 21,000sq ft store. Representing the third anchor letting for the retail and leisure extension, it follows pre-lets to H&M and Cineworld.
With completion targeted for 2018, the major 170,000sq ft retail and leisure extension is due to start on site in late 2015, with a phased opening. Next and H&M are forecast to open in early 2017. Having successfully received a revised planning permission earlier this year, the extension arranged over two floors will contain an additional 22 retail units and seven restaurant units, as well as a multi-screen digital cinema and significant extension to the car park.
Michael Barrie, director of fund management at Legal & General Property, said: “Another major step forward for the Arndale Centre extension, this latest anchor letting to Next allows the retailer to significantly expand its town centre presence and offer, bringing full ranges and services. roviding the centre of Eastbourne with one of the best shopping offers in the region, the development will not only attract visitors from across the South of England but will act as an important catalyst for the town’s wider regeneration.”