As the Prudential lines up tenants for the 12,100 sq m (130,000 sq ft) expansion of its 37,160 sq m (400,000 sq ft) Grafton Centre in Cambridge, the fund is negotiating terms for the incorporation of the site of the Grosvenor Estate’s 3,716 sq m (40,000 sq ft) Co-op store on Burleigh Street into its plans. Grosvenor sold the Grafton Centre to the Pru earlier this year for £
Research indicates formidable demand for any new space. Cambridge has a retail vacancy rate of 1% compared to the national average of 14% and a report by advisers Lunson Mitchenall, submitted to the mammoth Cambridge shopping inquiry, found that Debenhams, C&A and Bhs want to expand in the area.
New requirements for the area include TK Maxx, Lillywhite, Hamells and Tesco Metro. Existing tenants, such as Virgin, Burton, Next and Hennes, also want more space.
Chris Taylor, of the Pru’s property division, said they would be working with Grosvenor “to bring forward development opportunities that exist in the Grafton Centre by making the Co-op property available.”
C&A, Debenhams, and the Burton Group have written to Taylor supporting his objection to Sainsbury’s and Railtrack’s proposals to develop over 27,870 sq m (300,000 sq ft) of retailing each along the A14 on the northern fringe of the city.
Railtrack withdrew its application last month. because the three local councils now favour retail expansion in the city centre. Shearer Property Group is now working up its Grand Arcade scheme, which includes increasing the size of Lions Yard shopping centre by 3,720sq m (40,000 sq ft) to 9,850 sq m (106,000 sq ft). There would also be 7,160 sq m (77,000sq ft) of new units roughly on the line of St Tibb’s Row and a new Robert Sayle department store of 13,480sq m net (145,000 sq ft).
The scheme will have no extra car parking beyond the existing 1,000 spaces at Lions Yard. Shearer and Prudential, who have yet to make planning applications, have both promised to support park and ride.
EGi News 28/07/97
