Legal & General Property are planning a major commercial property development on the South Coast, with the announcement of plans for a £65m extension of the 400,000 sq ft Eastbourne Arndale Centre.
The Eastbourne Arndale website, proclaims Eastbourne Arndale Centre to be, ‘one of Eastbourne’s top tourist destinations and it’s easy to see why with our fantastic selection of top brand names including Marks & Spencer, Primark, Next, HMV, Boots and Bhs.’
The development plans are being brought forward in a joint venture with Strathclyde Pension Fund and will bring 150,000 sq ft of extra retail space and up to 20 new shops.
Simon Russian, senior fund manager at Legal & General Property, said: ‘The Eastbourne Arndale Centre has the potential to be an attractive gateway into the town. There is a strong demand for new retail space in Eastbourne and the expansion of the Arndale will act as a catalyst to attract more regeneration and investment in the town centre.’
The local council have also been very supportive of the commercial property plans, believing it will bring new opportunities to the area. Mr Russian said: ‘The council has been very helpful in assisting us develop proposals that will maximise the benefits for the whole town. We look forward to working with them alongside local businesses, stakeholders and shoppers to design a scheme that meets the aspirations of the people of Eastbourne.’
In a joint statement, Leader of Eastbourne Borough Council Cllr David Tutt, and Eastbourne Borough Council Conservative Group Leader Cllr David Elkin, said: ‘Extending and improving the town’s main shopping centre is crucial in terms of strengthening Eastbourne as a retail destination and ensuring our economic development is sustainable…By creating larger and more flexible retail units we will be able to attract more big name High Street brands, and with them far greater numbers of shoppers, which in turn will help sustain the wider retail sector throughout the town and create new jobs…The council supports the plans and looks forward to PRLP submitting a full planning application in 2012.’
Due to the economic climate, many developers across Britain are developing existing commercial properties in order to create growth. This can be seen as a wise move given the economic circumstances.
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