Feltham, in the shadow of Heathrow airport, is no stranger to airplanes roaring overhead, but what has never taken off until now has been its retail offer. The problem was the ageing Longford Centre, which had been doing the town no favours.
Jason Marcus, chief executive of Thornfield Properties, which is working with Hounslow council and Barratt Homes on a 1m sq ft redevelopment of the town centre, says the Longford Centre was dated and rundown, and besmirched by graffiti.
The town-centre’s redevelopment has resulted in the demolition of most of the centre, which will be replaced by a £100m mixed-use scheme that is now well under way. On completion, it is expected to transform Feltham’s reputation as a retail centre.
Only “remnants of the Longford Centre still remain on the high street”, says Marcus.
Many commentators believe that the new complex, on a 14-acre site, could become a model for high-density development in the capital. It includes an 80,000 sq ft ASDA anchor and 300,000 sq ft of additional retail. The development comprises both retail park-style units and traditional high street stores.
Attracting interest
Already signed are Matalan, taking 37,000 sq ft, New Look, which has secured nearly 8,000 sq ft, and JJB with 13,000 sq ft. According to Stuart Lunn, director of out-of-town retail for DTZ – which is joint agent on the scheme with Gooch Cunliffe Whale – the vast majority of lettings are, and will be, new to Feltham.
Lunn says Feltham has caught the attention of “a major fashion retailer” that is ready to sign up for space at the new centre.Thornfield’s Marcus adds: “This is a high-quality name that would not have been associated with Feltham in the past.”
As well as attracting interest from the retail sector, the development has also caught the eye of investors. Morley recently agreed a forward-funding deal on the commercial element of the scheme to the tune of £67m.
Thornfield’s Marcus says such a commitment says a lot about the town’s prospects. He believes Morley has given Feltham a seal of approval in a way that would not previously have been possible. He adds that Morley’s investment is also proving to be quite a fillip when it comes to marketing the scheme to retailers.
Attracting retailers has not always been an easy task, says Marcus. “We had to removepreconceptions. We had to say the old Feltham is going by using as much imagery as possible and really getting the message across.”
Lee Dawson, head of project co-ordination and corporate property for Hounslow council, admits that image has been a problem for the town but believes it will be “unrecognisable” in the future.
David Gooch, director of Gooch Cunliffe Whale, agrees. “The town will be transformed,” he says.
A fresh round of marketing is due to begin to attract a mix of retailers to the development’s high street units. Rents for the scheme are pitched at two different sets of tenants. Those opting for retail-park space are signing at around £30 per sq ft, while high street units are fetching £80 to £100 per sq ft.
The scheme, which will also involve upgrading existing high street shops, includes other features, such as a Travelodge hotel, medical centre, library, office accommodation and nearly 900 car-parking spaces. In addition, Barratt is developing a complex of 800 apartments.
Space for residential
Nearby Kingston has always commanded a top spot in the shopping hierarchy, but it, too, is preparing for its own dose of retail therapy. Hammerson is working with Kingston council to draw up plans for Eden Quarter, which is expected to deliver around 500,000 sq ft of floorspace. In total, the scheme will extend to some 750,000 sq ft, including space for residential on the upper levels.
Julian Wells, assistant director of development and acquisitions at Hammerson, says “life has moved on” with Eden Quarter – which will sit between Eden Street and Clarence Street – compared with a year ago.
“We have been evolving the design of the scheme with the council, and have made great strides,” he says. “We believe we have a scheme that meets the wider objectives for Kingston as a whole. Eden Quarter is being seen as a key part of delivering that plan.”
Hammerson has been “solidifying” its relationship with the council, says Wells. It has reached a joint venture agreement with LaSalle Investment Management, which looks after the existing Eden Walk scheme. And talks with various anchors and other landowners within the development area are in progress.
The developer hopes to submit a planning application during 2006, and believes it could be on site by 2008-09.
Broad proposals allow for the redevelopment of a significant part of Eden Walk and refurbishment of the remaining space. According to Wells, fully integrating Eden Quarter and Eden Walk, and creating links to the surrounding pitches, is considered to be a vital element of the work.
Provision is being made at Eden Quarter for one main anchor store. Space will also be provided for big space users, and there will be a new street of prime shops.
The scheme is already attracting considerable interest from would-be occupiers. “Retailers want more space in Kingston,” says Wells. “There are a lot of retailers that should be there but cannot get in because it is so tight. And there are also a lot of existing operators that are in sub-standard units.”
Organic nature
“The design is taking its cues from the organic nature of Kingston itself,” says Adrian Price, architect director with the scheme’s adviser, BDP. And Roy Thompson, head ofplanning and development for Kingston council, says that exploiting the town’s “high-quality built environment and heritage” is seen as a priority.
However, Eden Quarter, he stresses, is just one part of the council’s wider K+20 project, launched in June 2003, which is addressing a raft of regeneration issues. The town has been divided into separate districts, with Eden Quarter, the cultural area, the riverside and the existing retail core among them.
Thompson says: “They are all pieces of the jigsaw, and each has its own issues. But what we are trying to deliver is an overall strategy that will pull them all together.”
He also explains why this is so important for the town. “We cannot sit back and say ‘we are a major player in the market’. We need to change to keep in the market, and we need to really go for it.”
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Rare, new retail space is taking shape in Windsor, as is the process of securing several major fashion occupiers for the town. London & Associated Properties is undertaking a redevelopment of what is known as the “Waitrose block”. The scheme, which will complete at the end of 2006, has been prelet to Waitrose for a 45,000 sq ft store that will operate from first-floor level. It is believed to be the retailer’s first standalone operation. Zara has also bagged 17,000 sq ft, H&M 20,000 sq ft and New Look 11,000 sq ft in the block. David Gooch, director of agent Gooch Cunliffe Whale, says the scheme has brought in new names, citing Zara and H&M. With zone A rents achieving £125 per sq ft, the scheme has also closed the gap with prime Peascod Street’s £140 per sq ft level. |
