Legal & General’s 50:50 joint venture with Schroder UK Property Fund has secured a major prelet to Fenwick in Bracknell.
The new development in the north of Bracknell town centre will comprise almost 600,000 sq ft of new retail and leisure space, representing an investment of more than £200m. Fenwick will take 80,000 sq ft over three floors on a 25-year lease.
The jv – the Bracknell Regeneration Partnership – expects construction to start in summer 2015, with the store opening in autumn.
Over 50% of the scheme has already been prelet or delivered. Retailers include Marks & Spencer, Primark, Waitrose and H&M. Cineworld has also committed to a new 12-screen cinema that includes an Imax.
Fenwick chairman Mark Fenwick said: “Bracknell is located in the heart of the affluent catchment of east Berkshire. We are now confident that BRP has brought forward a masterplan that will fundamentally change the landscaping and urban realm of the town. We are proud to be anchoring a scheme of real quality that will provide a vibrant new retail and leisure destination for the South East.”
Simon Russian, head of retail development at Legal & General, said: “This is a defining moment for Bracknell. We are delighted to have secured a retailer of the quality of Fenwick to anchor the regeneration of Bracknell town centre, alongside Marks & Spencer, Primark and the already successfully trading Waitrose, and the deal is testament to the close and cooperating relationship we have built up with Fenwick and Bracknell Forest council which has been hugely supportive.
“We are convinced that the quality of the Fenwick brand will appeal directly to the town’s affluent catchment and provide a point of difference for the shopping catchment located south-west of London.”
Cushman & Wakefield acted for Fenwick; CBRE and Lunson Mitchenall advised BRP.
