The Crown Estate has announced a wave of pre-lets at its much-anticipated Banbury Gateway Fashion Park, as work began on the site earlier this week.
The Crown Estate, which already owns and runs a total of 16 successful retail destinations including Cheshire Oaks and London’s Regent Street, has now purchased the site from LXB Retail Property for £42 million, allowing preparation works to begin. LXB Retail Property will remain heavily involved in the project as developer.
In total, the shopping park will deliver 285,000 sq ft of retail and leisure space, and is expected to cost around £80 million to complete.
Should construction work run to schedule, the park is expected to open to the public by the end of 2015 – hopefully coinciding with the Christmas trading period so retailers can take advantage of the initial opening buzz.
During the official launch of the site, MP Sir Tony Baldry said; “I have no doubt that Banbury Gateway will be a fantastic new shopping destination for the region, providing a range of benefits including opportunities for new jobs in the local area.”
Although the conclusion of work is still more than a year away, Banbury Gateway has already proved hugely popular with retailers keen to take up space within the development.
As a result, only 14,000 sq ft of retail space remains to be filled, meaning that the park is already more than 90 per cent let.
The Crown Estate has confirmed that a number of retailers have signed pre-let agreements, including Marks & Spencer, Primark, Next, Outfit and River Island. However, the development’s leisure space has also proved extremely popular with food and drinks retailers, with Starbucks and Ed’s Easy Diner due to take up space when the construction work is completed.
Regional portfolio manager for The Crown Estate, Hannah Milne, believes retailers have been attracted to the development by the high standard of units on offer.
She says; “It’s a real testament to the quality of the development proposals that so many of the country’s most popular brands have already signed up to the scheme.
“Once complete, Banbury will be one of the best assets of its kind in the UK, offering visitors a convenient, modern destination for high quality fashion retailing.”
LXB Retail Property representative Jon McCarthy added; “There has been strong demand for space at the park evidenced by the number of pre-lets already completed.
“This scheme, situated at Junction 11 of the M40, is one of the highest profile motorway sites in the UK.
“We are delighted to be delivering this development for The Crown Estate.”
Previous Post
Canary Wharf Group Owner rejects Takeover Bid
