John Lewis will open a department store in Cheltenham in 2017 following a combined investment of over £30m from the company, Cheltenham borough council and BlackRock.
The plan will see the Beechwood Shopping Centre in Cheltenham, which has been owned by the BlackRock UK Property Fund for 15 years, transformed into a John Lewis.
Two retail floors of around 115,000 sq ft will be built, alongside a redevelopment of the frontage of the existing shopping centre and the car park.
John Benham, vice president of Real Estate at Blackrock, said: “This development improves Cheltenham as a shopping destination, increasing footfall within the town centre and encouraging other retailers to the area.”
Tim Harrison, director of store development at John Lewis, said: “Cheltenham has long been a sought-after location for us and we’re delighted to be able to expand our reach to customers across the region for the first time.”
BlackRock was advised by Jackson Criss and Aspire Development Management in the transaction. John Lewis was represented by Cushman & Wakefield.
