Legal & General Property (LGP) has secured a 23,000 square foot pre-let to fashion retailer H&M at the Arndale Centre in Eastbourne.
Arranged over the ground and first floor, the retailer will occupy one of the anchor units within the extension.
In 2012, approval was granted by Eastbourne Borough Council for a GBP70m extension to the centre in order to create an additional 175,000 sq ft of retail space, arranged over 22 new ground and first floor units, as well as further car parking spaces and a new pedestrian access on to Terminus Road. A revised application, which includes seven restaurants and a cinema, was submitted in December 2013 and is due to go before the planning committee in March 2014. The proposed additions to the scheme would raise LGP’s total investment to GBP85m.
A major sub-regional shopping location, ranked 11th in the South East according to the National Survey of Local Shopping Patterns, the Arndale Centre is situated in the heart of the town with over 17 million visitors per year. The existing scheme is anchored by Marks & Spencer, BHS, Sainsbury's, River Island and Primark.
Subject to planning consent, the extension is due to start on site in early 2015 and reach practical completion by the end of 2016. Once constructed, this major town centre regeneration project is expected to create 700 full time jobs and provide a significant boost to the local economy.
Simon Russian, head of retail development at Legal & General Property, says: “H&M is the first tenant to be unveiled as an anchor for the new Arndale Centre development, which is an important step forward for the town and demonstrates that major brand retailers will come to the town centre if bigger sized units that meet their requirements are made available. We are currently in discussion with a number of other existing fashion brands, as well as a cinema and several restaurant operators, and hope to make further announcements in due course.”
DTZ and Lunsons acted for LGP on the retail letting and are the retained joint agents on the scheme.