London, 2017-Mar-31 — /EPR Retail News/ — British Land and Universities Superannuation Scheme Ltd (USS) have secured planning approval from the Royal Borough of Kingston for the £400 million regeneration of Eden Walk, Kingston.
The proposed scheme, designed by BDP Architects, will regenerate part of the historic market town providing:
- 28 new retail units with potential to attract a broad range of new brands to the area
- 12 restaurants and cafes, alongside a sky restaurant with panoramic views across Kingston’s historic centre
- 380 new homes, with 10% being starter homes
- c.35,000 sq ft of high quality, modern and flexible office space
- Three large public spaces, with space for events
- A boutique cinema, located next to the sky restaurant
- New pedestrian routes to other parts of the town centre.
The proposed development will create an estimated 600 additional jobs for local people and attract a substantial increase in retail and leisure spend to Kingston. The formal planning approval follows an extensive programme of community engagement over two years, resulting in significant local support for the development.
Richard Wise, Head of Retail Development for British Land, said:
“Kingston is a special place which enjoys a unique blend of heritage, retail and leisure from its great riverside location. Looking forward, Kingston’s standing in Greater London will continue to rise, because the Council has a positive growth agenda and is willing to get things done.
“The proposed redevelopment of Eden Walk is designed to complement the existing retail offer and create a high quality central space for Kingston which will over time, become the heart of the town. It will be a place that reflects modern lifestyles, where people can live, shop, work and relax with friends and family.”
Graham Burnett, Head of Property at USS Investment Management, added: “We are pleased that the development has received formal planning consent and look forward to an even brighter future for Eden Walk.”
Leader of Kingston Council, Councillor Kevin Davis, said: “We’re immensely excited to see the redevelopment of Eden Walk move a step closer. To grow and prosper, the borough needs high quality and carefully considered schemes like this one and the fact that Kingston is able to attract such significant investment, is a huge vote of confidence in the future direction of the borough.
“Eden Walk is a key component in our plans to revitalise and future-proof our town centre, and follows on from the restoration of our Ancient Market Place and riverside improvements. Once completed Eden Walk will offer an attractive blend of retail, leisure and living space that is in-keeping with the character of our royal borough, and furthers our ambitions to make Kingston the dominant retail destination in south west London.”
Eden Walk is surrounded by Kingston University with more than 23,000 students, the College and theatre. The current centre appeals to a wide range of shoppers and has a total catchment of more than three million, a comparison goods spend potential of £963 million and catering spend potential of £260 million.
Notes to Editors
About Universities Superannuation Scheme
Universities Superannuation Scheme was established in 1975 as the principal defined benefit pension scheme for universities and other higher education institutions in the UK. It has around 375,000 scheme members across more than 360 institutions and is one of the largest pension schemes in the UK, with total fund assets of approximately £57.6 billion (as at 31 December 2016).
The scheme’s trustee is Universities Superannuation Scheme Limited, a corporate trustee which provides scheme management and trusteeship from its offices based in Liverpool and London. The trustee company delegates implementation of its investment strategy to a wholly-owned investment management subsidiary company – USS Investment Management Limited – which provides in-house investment management and advisory services.
For more information on Universities Superannuation Scheme please go to www.uss.co.uk.
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 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 through energy generation and efficiency, materials innovation and flood risk reduction and we 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.
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Source: British Land