THI gets final go-ahead on mixed leisure and retail scheme next to Cheshire Oaks
Mark Cooper
Leisure developer THI has gained forward funding from Equitable Life for a £55m retail park at Cheshire Oaks.
Equitable has acquired a 200-year leasehold interest in the site, next to THI’s Coliseum leisure scheme, from the Church Commissioners.
THI will shortly begin work on the 13,227m2 (142,375 sq ft) scheme which will comprise 17 retail units, three restaurants and 1,200 parking spaces.
Boots the Chemists and Borders bookstore, which have taken 1,394m2 (15,000 sq ft) and 1,858m2 (20,000 sq ft) respectively, will be anchoring the development.
Other high street retailers recruited for the scheme include Dixons, The Link, Electronics Boutique and JD Sports.
The remaining space on the site is being offered at a rent of £296 per m2 (£27.50 per sq ft).
The Coliseum development will total more than 29,728m2 (320,000 sq ft) of retail and leisure when completed, along with 2,150 parking spaces.
It is next to BAA McArthurGlen’s Cheshire Oaks designer outlet village, which provides 31,354m2 (337,500 sq ft) of retail floorspace.
The leisure element, including a 16-screen Warner Village Cinema, a nightclub and a First Leisure family entertainment centre, is due to open in December. The retail scheme is expected to open next Easter.
THI was advised by Knight Frank in the investment transaction, and Strutt & Parker acted for Equitable Life.
Lunson Mitchenall and Churston Heard are acting as letting agents on the scheme, while Mason Owen & Partners are marketing the A3 accommodation.
For more on the Church Commissioners see Finance
