London, 2017-Feb-15 — /EPR Retail News/ — British Land and Hercules Unit Trust (HUT) have started construction of a £23 million leisure extension at New Mersey, Speke. British Land is doubling the amount of food and drink across its retail portfolio over the next five years to integrate a bolder, broader, deeper mix and continue to create outstanding places to shop, eat and be entertained.
The 66,000 sq ft development will be anchored by an 11 screen state-of-the-art Cineworld cinema (37,000 sq ft) complete with Superscreen technology. The extension will also deliver an additional 29,000 sq ft of restaurant space across six units. Pre-lets have been secured with TGI Fridays (7,000 sq ft), Nando’s (4,700 sq ft) and Wagamama (3,500 sq ft) and discussions are progressing on the remaining three restaurants. The restaurant element will open in late spring 2018 with the cinema opening in summer 2018.
James Varley, Asset Manager for British Land, said: “The New Mersey leisure extension will significantly improve the centre’s leisure and dining options, enhancing our customers’ experience and creating Places People Prefer. Across our retail portfolio, we are investing to create outstanding places that are in line with peoples’ changing lifestyles.”
Kevin Frost, Property Director for Cineworld, said: “Cineworld is thrilled to be opening a brand new 11 screen cinema at New Mersey with our state-of-the-art Superscreen projection and sound technology. The new extension will undoubtedly enhance the appeal of New Mersey as a regional leisure, dining and retail destination.”
The development is expected to generate 250-300 full and part-time jobs in addition to 100 jobs during the construction phase.
British Land is represented by Wilkinson Williams and Cushman & Wakefield.
Notes to Editors
About British Land
We are one of Europe’s largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality UK commercial property, focused on Retail and London Offices and Residential. We own or manage total assets of £19.0 billion (British Land share is £13.9 billion) as valued at 30 September 2016. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups.
Our strategy is to create Places People Prefer. It is based on long term trends and creates a portfolio suited to current and future needs which are aligned to modern lifestyles. We employ our placemaking skills, and increasingly our mixed-use expertise to expand the appeal to a broader range of occupiers and drive long term performance.
Retail accounts for 49% of our portfolio. We create outstanding places for modern consumer lifestyles, places to shop eat and be entertained. Comprising over 20 million sq ft of Retail and Leisure space across regional and local multi-let destinations, superstores, department stores and leisure assets, the Retail portfolio is modern, flexible and adaptable to a wide range of formats.
Office and Residential accounts for 49% of our portfolio. It comprises 7.6 million sq ft of well-connected office-led campuses and ‘campus-lite’ clusters of high quality buildings. Office campuses include Regent’s Place and Paddington Central in the West End and Broadgate (50% share) in the City. Other assets include The Leadenhall Building, York House, 10 Portman Square and Marble Arch House and our residential assets are at Clarges Mayfair, The Hempel Collection and Aldgate Place.
Two per cent of our portfolio is at Canada Water – a 46 acre redevelopment opportunity in our medium term pipeline to create a new mixed-use urban centre for London.
Sustainability is embedded throughout our business. Our places become part of their local communities and promote health, improve productivity and increase enjoyment. We protect asset value and generate income from energy generation and efficiency, materials innovation and flood risk reduction, and develop skills and opportunities to help local people and businesses grow.
In April 2016 British Land received the Queen’s Award for Enterprise: Sustainable Development, the UK’s highest accolade for business success for economic, social and environmental benefits achievements over the last five years. Further details can be found on the British Land website at www.britishland.com.
About Hercules Unit Trust
Hercules Unit Trust (HUT) is a Jersey-based closed-ended property unit trust with a fixed life which has been extended to 2020, and is subject to further extension with unit holder consent. HUT’s primary investment focus is major retail properties in the United Kingdom and, in particular, those properties that offer a critical mass of retailing and, where possible, have the benefit of Open A1 planning consent.
HUT is the UK’s largest specialist retail warehouse property unit trust. As at 31 March 2016, the Trust owned and managed 12 regional and local centres, including Glasgow Fort in Glasgow and 50% of Fort Kinnaird in Edinburgh, providing in total around 3.5 million sq ft of space. Key tenants of the centres include Primark, Next, Boots, M&S, Arcadia, H&M, New Look, JD Sports and TK Maxx.
British Land is Property Adviser to HUT and Crestbridge Hercules Management IC is the Manager
Crestbridge Hercules Management IC
Crestbridge Hercules Management IC is a cell company subsidiary of Crestbridge Management ICC, part of the Crestbridge group of companies. Crestbridge is an independent provider of administration, management and corporate governance services. Crestbridge Hercules Management IC is regulated by the Jersey Financial Services Commission.
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Source: British Land