14
FEATURE: LONDON & THE SOUTH EAST
neighbourhood is Eden in High Wycombe which opened in have every reason to expect a very successful 2010,” adds Buckley.
March 2008. “Our existing retailers are performing well and the new stores are
According to Colliers’ research, High Wycombe has the dubious reporting strong trading figures within the first few weeks of opening.”
distinction of having the highest levels of retail voids in the country However High Wycombe is an exception and generally, London
at 27.9 per cent. The agents conclude that the opening of the Eden and the South East has not suffered from overdevelopment with new
scheme “has led to a direction shift in the prime pitch and footfall, shopping centre floorspace and development activity largely ceased
meaning some retailers have relocated into the new scheme and before the downturn hit.
others have simply been affected by a fall in trade and have had to One development which is currently progressing is Wembley
close down.” Central, a £90m mixed-use project at the heart of Wembley town
centre being carried out by Sowcrest, a 50/50 joint venture between
St Modwen and Rotch.
The redevelopment of Wembley town centre will provide 135,000
“We have made excellent sq ft of retail and leisure space, together with 24,000 sq ft of offices
progress this year in very
and 259 apartments. The scheme will also feature a new public
square – currently under construction – which will provide new, safer
challenging market conditions”
open space outside Wembley Central train station.
Units have just been handed over to three major fashion chains,
taking the regeneration of the area into a new phase. TK Maxx is
taking 32,000 sq ft of space at £270,000 pa with Peacocks and
But within Eden the picture is very different. Despite the Bonmarche sharing 15,700 sq ft on a 10-year lease. All three will
economic climate, lettings continue and the owners Brookfield and open in October 2009.
Aldersgate Investments have just unveiled another 10 lettings totalling Killian Morris, senior development manager at St. Modwen, says:
21,000 sq ft. New signings include Virgin Media, Ann Summers, F Hinds “We have always believed that Wembley has huge potential, with
Jewellers, West One, Cargo Home Shop, as well as Café Richoux and Wembley Central train and tube stations at its heart. By attracting
Muffin Break. fresh new names, Wembley can now start to compete on a more level
According to Brookfield director Tim Buckley, Eden is now over playing field with North West London’s out-of-town retail centres and
96 per cent let. “We have made excellent progress this year in very the new development in and around Wembley Stadium.”
challenging market conditions,” says Buckley. With 14.5 million visitors
a year, Eden’s footfall has risen 4 per cent this year, while the national Find out more:
average is down by 2 per cent, and parking at the centre is up by 20 For more information, please contact the author or visit the website:
per cent year on year.

www.shopping-centre.co.uk/development
“We’re now looking forward to a strong finish to the year and we

graham.parker@jldmedia.com


NEW OPENING DATE FOR NEWBURY
The fund, and development manager Shearer Property
Group, decided to start on site last year, despite the worsening
financial climate. However since then a number of construction
problems have meant that progress to date has been slower
than expected.
These issues have now been resolved and good progress is
being made on site with the steel frame for Debenhams’ new
state-of-the-art department store now almost complete and the
excavation of the basement car park well underway.
But rather than pressuring the contractors to make up lost
time, Standard Life has taken the decision to open Parkway in
Spring 2011.
Development director Mark Watt explains: “The very complex
ground preparation works for Parkway are now complete and
while they have caused delay to the project, excellent progress
Standard Life Investments has announced that the opening of is now being made on site, most visibly on the new Debenhams
Parkway, its new 475,000-sq ft mixed-use scheme in Newbury, department store.
Berkshire, has been postponed to Spring 2011. “Given the economic environment, we always anticipated the
On completion, Parkway is set to provide a major boost majority of the scheme’s leasing activity would occur in 2010.
to Newbury town centre with a new Debenhams store three The economy is now showing early signs of recovery although
times larger than the current premises; three large stores of up there is still some way to go and we believe the revised opening
to 25,000 sq ft each and more than 50 shops and kiosks. The date will have a positive impact on both retail leasing and sales
project also incorporates new restaurants and cafés, a 779- of the residential element.”
space underground car park and 184 new apartments. Letting agents are Strutt & Parker and Jones Lang LaSalle.
SHOPPING CENTRE SEPTEMBER 2009 www.shopping-centre.co.uk
12 14-SCSep-LonSE.indd 14 23/9/09 17:03:10
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