The Bracknell Regeneration Partnership, a 50:50 joint venture between Schroders and Legal & General Property, has prelet a 36,000 sq ft supermarket to Waitrose as part of major regeneration plans for Bracknell town centre.
Waitrose has taken a 35-year lease at the site, formerly an office building known as Imation House, which was demolished in 2008.
The building sits on Millennium Way and will be developed into a standalone food store with circa 240 car parking spaces, which will be free for Waitrose customers.
It has been designed to operate initially as a standalone supermarket, but once the larger redevelopment scheme proceeds, at a later date, it will operate as one of the anchor tenants. The food store will be designed by BDP and will provide a 25,000 sq ft sales area.
BRP gained planning consent for the unit two weeks ago and has subsequently lodged a Reserved Matters application with the council regarding plans for the design of the store.
It aims to be on-site in April 2011 in order to open the store as early as possible before Spring 2012.
The deal, which represents the first new retail building to be developed in Bracknell town centre in more than 25 years, will kick-start phase one of the wider regeneration, with several other initiatives in motion, including a planning submission made in November 2010 for the partial refurbishment and redevelopment of Princess Square.
Nigel Keen, property services and property and development director at Waitrose, said: “Waitrose has a long-standing affinity to Bracknell, having established our head office here nearly 40 years ago. In light of this, we are really excited at becoming more ingrained into the local area and participating in the regeneration of the town through the development of a new flagship store. BRP’s vision for the town will complement our brand and we look forward to working with them to deliver the right retail provision to satisfy the wealthy catchment of the area.”
paul.norman@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
