Universities Superannuation Scheme has signed boutique cinema brand Everyman for a 15,600 sq ft space previously leased to Arcadia Group at the Grand Arcade in Cambridge.
The operator has agreed a new 25-year lease, subject to planning consent being granted for change of use. The cinema will be located on the first floor of the centre.
The opening will become the second Everyman venue in the East of England and the first in Cambridgeshire. The operator opened two cinemas in Edinburgh and Egham earlier this year, taking its cinema count to 38.
Martin Macwhinnie, centre manager for the Grand Arcade, said the deal “aligns with the retail and leisure mix already on offer at the scheme”, which includes Apple, Russell & Bromley, Tesla and John Lewis. “It is another signal of occupier confidence in key trading locations in key regional cities,” he added.
Alex Scrimgeour, chief executive of Everyman, said: “The Grand Arcade is the perfect location to open our doors and reach new customers who have a passion for cinema, from both Cambridge and further afield.”
The news comes after jewellery retailer Beaverbrooks opened a 2,500 sq ft store in the prime mall. JD Sports also launched a 14,200 sq ft store at the centre in October, while Charles Tyrwhitt upsized to a 1,250 sq ft store on the ground floor.
USS is the trustee of the UK’s largest private pension scheme by level of assets.
JLL and Cushman & Wakefield acted for USS and Everyman was represented by Curace Consulting.
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