LGP buys out Eastbourne partner
Published: 28 January, 2013
Legal & General Property consolidates ownership at Eastbourne’s Arndale Centre
Legal & General Property has bought Strathclyde Pension Fund’s one-third interest in the Performance Retail Limited Partnership, owner of Eastbourne’s Arndale Centre, giving it full ownership ahead of the planned refurbishment and extension of the centre.
Last year approval was granted by Eastbourne Borough Council for plans to extend the Centre, subject to the completion of the Section 106 agreement, to create an additional 175,000 sq ft of retail space, arranged over 22 new ground and first floor units. Additionally the redevelopment would deliver further car parking spaces and a new pedestrian access on to Terminus Road. Construction work on the scheme is expected to start within the next two years.
Eastbourne is a major sub-regional shopping location, ranked 12th in the South East according to the NSLSP, and the Arndale Centre is situated conveniently in the heart of the town with over 17 million visitors per year. The Centre, which is anchored by Marks & Spencer, BHS and Primark, recently underwent a number of reconfigurations and as a result secured a spate of new lettings, including River Island, Sports Direct, The Fragrance Shop, Select, Carphone Warehouse and Card Factory, all of who were open and trading in time for Christmas.
Michael Barrie, director of fund management at Legal & General Property, said: “With a proven in-house asset management and development platform, capable of bringing forward major, town centre, retail-led regeneration projects, as well as a strong capital base, we are excited about the future of Eastbourne’s Arndale Centre and our ability to grow the retail offer in the next important phase of its life. This purchase allows us to simplify the management and ownership structure of the asset, particularly relevant when delivering such complex projects.”