The Bracknell Regeneration Partnership (“BRP”), a 50:50 Joint Venture between Legal & General Property and Schroder UK Property Fund, announces that it has secured a major pre-letting to Fenwick, the fashion-led department store group that is synonymous with affordable luxury.
Taking an 80,000 sq ft store arranged over three floors, on a 25-year lease, the new Fenwick store will be located in a landmark position fronting Millennium Way, immediately adjacent to and directly connecting with the new six level multi-storey car park. BRP anticipates construction commencing in Summer 2015, with the new development and Fenwick store expected to open in Autumn 2017. Last month BRP submitted a planning application to upgrade the external appearance of the Fenwick department store, which will become a defining feature of the new Town Centre with its striking, lit-up, night-time façades.
The new development in the north of Bracknell Town Centre will comprise almost 600,000 sq ft of new retail and leisure space, which represents an investment of over £200 million. Over 50% of the scheme has already been pre-let or delivered, with retailers including Marks & Spencer, Primark, Waitrose and H&M. Cineworld has also committed to a new 12-screen cinema, including an Imax, which spurred a raft of quality restaurants to sign up, including Carluccios, Zizzi, Coast to Coast, Gourmet Burger Kitchen, Pizza Express, Nando’s and Las Iguanas.
James Lass, Fund Manager for Schroder UK Property Fund, commented: “Our proactive asset management strategy has enabled Schroders and L&G to secure the exciting arrival of Fenwick to Bracknell’s evolving town centre. This major retail coup is concrete evidence of our commitment to the regeneration of the town and to securing the arrival of prominent brands here. We are delighted to be welcoming Fenwick and see this as a significant milestone in our development plans for the town.”
Simon Russian, Head of Retail Development at Legal & General Property, added: “This is a defining moment for Bracknell. We are delighted to have secured a retailer of the quality of Fenwick to anchor the regeneration of Bracknell town centre, alongside Marks & Spencer, Primark and the already successfully trading Waitrose, and is testament to the close and cooperating relationship we have built up with Fenwick and Bracknell Forest Council who have been hugely supportive . We are convinced that the quality of the Fenwick brand will appeal directly to the town’s affluent catchment and provide a point of difference for the shopping catchment located south west of London.”
Cllr Marc Brunel-Walker, executive member for economic development and regeneration, said: “To secure such a high-quality retailer as Fenwick is a major boost for the regeneration of Bracknell town centre. This recent addition, which complements the already committed line-up of retailers, shows just what a diverse town centre our residents and visitors will be able to enjoy in just a few years’ time. We are delighted that both Legal & General and Schroders have publicly reconfirmed their commitment to this scheme and we remained fully supportive.”
Cushman & Wakefield acted for Fenwick, while CBRE and Lunson Mitchenall advised BRP.
Mark Fenwick, Chairman of Fenwick Limited, said: “Bracknell is located in the heart of the affluent catchment of East Berkshire. We are now confident that BRP has brought forward a Masterplan that will fundamentally change the landscaping and urban realm of the town. We are proud to be anchoring a scheme of real quality that will provide a vibrant new retail and leisure destination for the South East.”