LONDON, 2016-Jul-06 — /EPR Retail News/ — British Land has secured 31,500 sq ft of lettings to enhance the entertainment offer at St Stephen’s in Hull. Rock Up, an indoor climbing adventure centre, is to open its second outlet (6,500 sq ft, 20 year term) with British Land following the success of its first unit at Whiteley, whilst Funstation, a family entertainment centre, (10,000 sq ft plus mezzanine, 15 year term) will launch its seventh outlet which will be its second at a retail location. Both operators will be located within the former Gala Bingo unit which will also include a 3,500 sq ft (25 year term) Zizzi restaurant. Work to reconfigure the unit has begun with Rock Up and Funstation opening in winter 2016.
Completing the line-up of entertainment brands to join the centre is Gravity, the popular trampoline operator. Gravity will open in the former Monkey Biz unit taking 15,000 sq ft on a 15 year term and will open in the summer. The unit was re-let within a month of British Land taking back the space from Monkey Biz.
Amanda Raven, Asset Manager for British Land, said: “These latest lettings bring an exciting new entertainment element to St Stephen’s, enabling us to enliven the centre and enhance the experience for our customers, whilst also growing dwell times. Welcoming new operators such as Rock Up, Funstation and Gravity to our centres is part of our approach to broaden the appeal of our assets and create Places People Prefer through our retail strategy.”
British Land was represented by Smith Young.
Notes to Editors
We are one of Europe’s largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality commercial property, focused on retail locations around the UK and London offices. We have total assets in the UK, owned or managed, of £20.0 billion (of which British Land share is £14.6 billion) as valued at 31 March 2016. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups. Our objective is to deliver long term and sustainable total returns to our shareholders and we do this by focusing on Places People Prefer. People have a choice where they work, shop and live and we aim to create outstanding places which make a positive difference to people’s everyday lives. Our customer orientation enables us to develop a deep understanding of the people who use our places. We employ a lean team of experts, who have the skills to translate this understanding into creating the right places, and we have an efficient capital structure which is able to finance these places effectively.
Retail assets account for 50% of our portfolio. As the UK’s largest listed owner and manager of retail space, our portfolio is well matched to the different ways people shop today. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising over 20 million sq ft of retail space across multi-lets, superstores, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.
Our Office and Residential portfolio, which accounts for 48% of our portfolio, is focused on London. We have an attractive mix of high quality buildings in well managed environments and a pipeline of development projects which will add significantly to our portfolio. Increasingly, our Offices are in mixed-use environments which include retail and residential elements. Our 7.5 million sq ft of high quality office space includes Regent’s Place and Paddington Central in the West End and Broadgate, the premier City office campus (50% share).
The remaining 2% of our portfolio is at Canada Water where we have a 46 acre redevelopment opportunity in our medium term pipeline. Our industry-leading sustainability strategy is a powerful tool to deliver lasting value for all our stakeholders. By supporting communities, improving environments and growing economies, we create Places People Prefer and enhance long term returns.
Further details can be found on the British Land website at www.britishland.com.
| Enquiries: | |
| Investor Relations | |
| Jonathan Rae, British Land | 020 7467 2938 |
| Media | |
| Pip Wood, British Land | 020 7467 2838 |
| Jackie Janssen, British Land | 020 7467 3449 |
| Emma Hammond, FTI Consulting | 020 3727 1227 |
| Gordon Simpson, Finsbury Group | 020 7251 3801 |
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Source: British Land