British Land has revealed details of an agreement with Plymouth City Council to complete a £40m leisure development adjacent to its Drake Circus Shopping Centre.
The 100,000 sq ft scheme, on the site of the current coach station, will include a 12 screen cinema, 13 restaurants and a 450 space car park.
The development is intended to complement and broaden the appeal of the 570,000 sq ft shopping centre which was acquired by British Land in 2011.
Since then, Drake Circus has attracted a number of high profile tenants including Apple, Fat Face and Yo! Sushi. Recently a further 10,000 sq ft of lettings were agreed bringing the occupancy rate to 100 per cent.
Confirming the proposal, David Pollock, retail development Director at British Land said; “Plymouth has a very strong catchment, and a vibrant and successful city centre, which will be further enhanced by our investment.
“The proposed leisure scheme creates an opportunity to take Drake Circus to the next level and, with a number of new brands added, is a very strong example of our strategy to create Places People Prefer.
“We are delighted to be working with Plymouth City Council on this project to establish Drake Circus as the West Country’s retail and leisure destination of choice.”
Along with an affluent catchment area encompassing 560,000 people, Plymouth enjoys a healthy tourist trade which brings 3.4 million visitors to the city every year.
A detailed planning application for the proposed development is expected to be submitted early next year.
Previous Post
Allianz Moves into Irish Property Market
