London, 2016-Nov-02 — /EPR Retail News/ — British Land is pleased to announce two lettings at Serpentine Green, Peterborough totalling 22,000 sq ft as part of a £7 million extension that commenced this month. The extension will deliver three new units totalling 25,000 sq ft including mezzanine space.
Fashion retailer Next will move from its current unit to a newly constructed 10,000 sq ft store on a 10 year lease. The new space, which includes a mezzanine floor and is due for completion in summer 2017, will be situated at the front of the scheme where British Land has enhanced the public realm. M&S Foodhall will move into Next’s former unit which is to be extended.
The extension marks the first stage in the asset’s repositioning since British Land took full ownership of the scheme. It is also the first major redevelopment at the centre since it was built in 1998.
Adam Poole, Asset Manager for British Land, said: “The extension marks an important next phase for Serpentine Green as we strive to develop destinations of choice which serve a range of shopper missions. The development will deliver an enhanced line-up to enable the centre to continue to meet the changing needs of the modern consumer both today and in the future.”
Serpentine Green provides 320,000 sq ft of retail and food and beverage space and attracts more than 5.5 million visitors per year. Retailers include River Island, Clarks, Next, Boots, H&M, Outfit, New Look, Next and a 130,000 sq ft Tesco Extra store.
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 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 which 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.
In April 2016 British Land received the 2016 Queen’s Award for Enterprise: Sustainable Development as part of Her Majesty The Queen’s 90th birthday honours. The Award is the UK’s highest accolade for business success and is given to companies which bring major economic, social and environmental benefits through their own business success. It was awarded to British Land for continuous achievement in all these areas 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