4 NEWS ... In brief


Mall opens Luton extension The Mall Luton has officially opened its £20m St George’s Square development. The extension provides over 75,000 sq ft of new shopping space - let to TK Maxx and Argos - and 17,000 sq ft of catering units facing on to St George’s Square, 86 per cent of which is now under offer or in solicitors’ hands. The St George’s Square project marks the first phase of a £150m regeneration, submitted to Luton Borough Council in December 2007, which included plans to improve and extend the retail scheme by around 400,000 sq ft.


Sittingbourne plan unveiled Tesco subsidiary Spenhill Regeneration has submitted planning applications to Swale Borough Council for the transformation of Sittingbourne town centre with improvements to the Forum shopping centre, a cinema, additional retail and new restaurants. Plans include a new Tesco Extra store and an additional 11 retail units on the site of the old Sittingbourne Industrial Park, improvements to the Forum centre including a facelift and a new anchor unit and multi-storey car park.


Moor manager appointed Scottish Widows has appointed Centenary Ashcroft as asset and development manager on its mixed-use, retail-led Moor Sheffield scheme. Scottish Widows purchased The Moor Estate from RREEF in February 2010 and now Centenary Ashcroft will develop the long-term strategy for the regeneration of the whole area, which extends to 24 acres.


Westfield sells half of Stratford City for £871.5m


Westfield is to raise £871.5m by selling half of its 2 million- sq ft Stratford City project a year before completion. The Dutch pension fund manager APG and Canada Pension Plan Investment Board will each own a 25 per cent indirect interest in the retail element of Westfield Stratford City. Westfield Stratford City,


which is located adjacent to the site of the 2012 London Olympics,


is a 1.9 million-sq ft retail and entertainment destination, due for completion in the third quarter of 2011. Today, approximately 75 per


cent of the retail area is either leased or committed. The centre will be anchored by John Lewis, Marks & Spencer, Waitrose and an all-digital Vue cinema and will include over 300 shops and 50 places to dine. Westfield will continue


to wholly own the adjacent non-retail development sites - primarily zoned for office and hotel uses. Westfield group managing


director Steven Lowy said: “This transaction delivers, a year ahead of opening, the value and profit we have created through the development of Stratford City.” Henderson Global Investors


is the investment management advisor to APG and CPPIB.


Princess Square plans unveiled in Bracknell


Schroders and Legal & General Property’s Bracknell Regeneration Partnership has submitted a planning application for the partial refurbishment and redevelopment of Princess Square, which forms part of the comprehensive Bracknell regeneration project. The proposals, designed


by Chapman Taylor, involve the £2m refurbishment of the entrance and external facades and the creation of 19,000 sq ft of new retail space. Forming


SHOPPING CENTRE November 2010 www.shopping-centre.co.uk


the gateway to Bracknell’s larger regeneration area, the refurbishment will be one of the first steps forward in kick- starting the wider scheme. Ian Mason, head of UK


property fund management at Schroders, said: “We have strong interest from a number of retailers in the town but at present we cannot offer them the size of unit they are looking for. If approved, this proposal will allow us to offer to the market the accommodation it wants.”


Metric adds two


more parks Metric Property Investments has bought the Alban Retail Park, Bedford from Parkridge for £9.2m, reflecting a net initial yield of 6.3 per cent. The 65,000 sq ft of


restricted Open A1 space is let to Focus and Dunelm at £9.40 per sq ft for a further 3.5 years. And in north-east Scotland


Metric Property Investments has bought the 60,700-sq ft Wick Retail Park for £10.3m, reflecting an initial yield of 6.5 per cent. The park is fully let and


anchored by Homebase, Carpetright, Argos, New Look, Superdrug and Pets at Home.


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