Lend Lease, THI and The Guinea Group have agreed a £30m deal for the development of a factory outlet scheme on Clacton Common in Essex.
The deal, through which the joint venture acquired Helios Properties’ stake in Clacton Common, is the first venture into the UK outlet retailing sector by Lend Lease and THI.
The venture is already considering several other factory outlet developments to follow the 11,798 sq m (127,000 sq ft) first phase of the Clacton Common scheme, where construction is already underway. Over 75% is prelet to, amongst others, Benetton, JD Sports, Windsmoor and Suits You.
There are also plans for over 27,870 sq m (300,000 sq ft) of mixed-use retail and leisure on the adjoining 45-acre site to the first phase of Clacton Common.
Markham Vaughan Gillingham and Churston Heard have been retained as letting agents.
EGi News 10/02/98
