British Land starts £23 million enhancement programme at New Mersey, Speke

British Land starts £23 million enhancement programme at New Mersey, Speke

 

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.

Enquiries:
Investor Relations:
Jonathan Rae
British Land
020 7467 2938

Media Relations:
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

Source: British Land

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Speke Unit Trust exchanged contracts with Cineworld for 11-screen cinema, including Superscreen technology at New Mersey Shopping Park, Speke

LIVERPOOL, 2015-10-27 — /EPR Retail News/ — Speke Unit Trust, the specialist retail park fund advised by British Land and managed by Schroders, has exchanged contracts with Cineworld for an 11-screen cinema, including state-of-the-art Superscreen technology at New Mersey Shopping Park, Speke.  The letting to Cineworld follows the receipt of planning permission from Liverpool City Council in July 2015 for a new leisure extension and wider upgrade works at the park.  The works are scheduled to commence in early 2016 and are expected to generate between 250 and 300 local jobs.

The 66,000 sq ft extension will house not only a cinema but also six exciting new restaurants. As part of the park-wide upgrade works, new shop frontages will be installed and public areas enhanced to improve the look and feel of the asset. The planned works will also provide a better car park layout and additional parking spaces to improve the occupier and shopper experience.

The approval of the planning application follows extensive pre-application consultation with the Council, the Mayor, shoppers and local residents.

British Land has also recently leased space to Next, Harveys, Currys/PC World and Tessuti at Speke.  Next has signed for a 48,000 sq ft unit on a 15 year lease, with Harveys moving to a 17,500 sq ft unit on a 10 year lease.  Harveys’ existing unit, located amongst the park’s fashion brands, will be let to a retailer that will better complement the existing fashion mix. Currys/PC World recently opened a new 28,000 sq ft unit and Tessuti has recently signed for an 8,000 sq ft store at Speke.

Ben Grose, Head of Retail Assets (North and Scotland), British Land, said: “At British Land placemaking is at the heart of our strategy and we are in the process of enhancing around 95% of our retail portfolio, from minor upgrades to large scale transformations. Evidence of this can be seen across the HUT portfolio where we have recently completed £80 million investment programme, extending the retail and leisure space across four of our assets by almost 300,000 sq ft.

James Varley, Asset Manager, British Land, said: “Planning approval for the leisure extension and upgrade works at New Mersey means we can significantly improve the asset for both our shoppers and retailers, further confirming the park’s position as the retail and leisure destination of choice in South Liverpool. Customer exit surveys conducted at Speke showed demand for a cinema and a better F&B mix and we have responded to this feedback by introducing Cineworld and a range of exciting restaurant brands to the asset.”

Kevin Frost, Cineworld, said: “We have partnered with British Land across a number of their assets and we are delighted to be opening a brand new cinema at Speke with our state-of-the-art Superscreen projection and sound technology.  New Mersey is a fantastic shopping and leisure destination and we are excited to be part of the new leisure extension which will undoubtedly enhance the appeal of the park.”

All square footage data provided includes mezzanine space if applicable.

British Land
Investor Relations
Sally Jones, British Land
020 7467 2942
Media
Pip Wood, British Land
020 7467 2838
Charlotte Whitley, British Land 020 7467 2933
Naomi Galt, FTI Consulting
Gordon Simpson, Finsbury Group
020 3727 1182
020 7251 3801

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 £18.9 billion (of which British Land share is £13.6 billion), as valued at 31 March 2015. 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 effectively finance these places.

UK Retail assets account for 55% 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 around 22 million sq ft of retail space across shopping parks, superstores, shopping centres, 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 45% 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 6.7 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).

Our size and substance demands a responsible approach to business. We believe leadership on issues such as sustainability helps drive our performance and is core to the delivery of our overall objective of driving shareholder value and creating Places People Prefer.

Further details can be found on the British Land website at www.britishland.com.