LGIM Real Assets has signed an agreement with the Poole Council that unlocks a £26m programme of investment at the Dolphin Centre, Dorset’s largest covered shopping destination. Plans include bringing further improved retail and dining choices to the centre.
The agreement restructures the existing headlease arrangements into a single, longer lease and allows LGIM Real Assets to bring forward an 18-month improvement programme.
The refurbishment works are expected to reach completion by the end of 2018. Through the programme, significant improvements will be made to the internal malls and entrances of the centre, as well as to the public realm and facades of Falkland Square and Kingland Crescent, both of which are open-air.
As part of the investment package, LGIM Real Assets is also working on plans to broaden the appeal of the Dolphin Centre to shoppers and tourists.
Alongside LGIM Real Assets investment, the council will be investing £1.5m into upgrading the multi-storey car park, which it owns, in addition to completing the programme of remedial works that is already under way.
Mark Russell, senior fund manager at LGIM Real Assets, said: “We are poised to reposition the scheme in terms of ambience and offer, bringing new trading fascias into the centre and significantly improving the facilities available to our customers. It is exciting to be able to play such a leading role in improving the amenity of Poole town centre in collaboration with the borough of Poole.”
Several leading retailers have signed up for the centre with further announcements in due course. This comes in addition to new or increased commitments by fashion brand New Look (upsizing to a 14,500 sq ft store to open in the autumn) and by German shoe retailer Deichmann (opening a new 5,900 sq ft store this year). Both have taken 10-year leases.
The Dolphin Centre, which was acquired by LGIM Real Assets on behalf of its Managed Fund in 2013, is home to more than 100 retail, dining and leisure brands.
Maples Teesdale has been working with LGIM Real Assets on the Dolphin Centre in Poole since its purchase in 2013.
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