Whiteley over 90 per cent let

Monday, April 29th, 2013

British Land

Fat Face, Tiger, The Body Shop and Jones Bootmaker are among a host of retailers to sign at Whiteley, the joint venture retail and leisure development by British Land and Universities Superannuation Scheme (USS), which opens in just under four weeks.

The 320,000 sq ft Hampshire development, one of only three UK shopping and leisure schemes opening this year, is now 91% let (by rent).  A further 13 units are in solicitors’ hands.

Fat Face has signed for 5,100 sq ft with Tiger signing for 3,477 sq ft. The Body Shop will open a 1,400 sq ft ‘Pulse’ store, with Jones Bootmaker due to occupy 1,518 sq ft.

Other recent lettings include: Clintons (1,115 sq ft); WH Smith (2,290 sq ft); Trespass (6,560 sq ft); Holland & Barrett (1,707 sq ft); Phones 4u (1,700 sq ft); Carphone Warehouse (1,674 sq ft); Vision Express (1,518 sq ft); and Ladbrokes (1,060 sq ft).  All the retailers have signed ten year leases.

The leisure offer at Whiteley has been broadened further with Mexican restaurant chain Chimichanga signing for a 3,896 sq ft restaurant.  It will be joined by American themed restaurant Dean’s Diner which will open only its fourth UK restaurant having agreed terms on a 2,328 sq ft unit.  Harvester will also join the line-up and will occupy 3,980 sq ft.

Claire Barber, Head of Shopping Centre Asset Management for British Land, said: “We are in a really strong position with four weeks to go until opening.  We have secured a unique line up with a clear focus on fashion, food and beverage and local, independent retailers, creating a real point of difference for our customers.

“Now that Whiteley is nearing completion, the high quality of the scheme’s environment, which features dramatic double and triple height glazing and oak panels, is very evident.”

Whiteley will be anchored by a 60,000 sq ft M&S.  Other retailers already signed include Topshop, Next, H&M, River Island, Clarks, The Entertainer, Mamas and Papas, Schuh, Paperchase, Claire’s, Moss, Boots, JD Sports, Bank and Sports Direct.  Cafés and restaurants include Costa Coffee, Frankie & Benny’s, Prezzo and Starbucks.  The centre will also provide 1,500 car parking spaces.

Whiteley benefits from a large and affluent catchment of 1.2 million people with an estimated £3.1 billion potential spend.  The catchment is set to expand further in the foreseeable future with 3,500 new homes at North Whiteley.

Situated between the two harbour cities of Portsmouth and Southampton and adjacent to an existing Tesco supermarket, the scheme benefits from excellent accessibility via junction nine of the M27.

The letting agents for the scheme are Cushman & Wakefield (retail), Wilkinson Williams (retail) and Davis Coffer Lyons (leisure).

Enquiries

British Land:

Andrew Scorgie, FTI Consulting 020 7269 9314

USS:

Ceri Edwards, Redwood Consulting 020 7828 5553

Notes to Editors:

About USS

USS is one of the largest private sector pension funds in the UK with property assets totalling approximately £2.5bn.  www.uss.co.uk.

About British Land 

British Land is one of Europe’s largest Real Estate Investment Trusts (REITs) with total assets, owned or managed, of £16.3 billion (British Land share £10.4 billion), as valued at 30 September 2012. Through our property and finance expertise we attract experienced partners to create properties and environments which are home to over 1,000 different organisations and receive over 300 million visits each year. Our property portfolio is focused on prime retail locations and Central London offices which attract high quality occupiers committed to long leases. Our UK occupancy rate of 97.7% and average lease length to first break of 11 years are among the highest of the major UK REITs.

Retail assets account for 60% of our portfolio with around 28 million sq ft of retail space across 82 retail parks, 92 superstores, 13 shopping centres and 9 department stores. The retail portfolio is modern, flexible and adaptable to a wide range of formats and our active asset management delivers space which is attractive and meets the needs of both retailers and consumers. 80% of our retail parks have open A1 consent.

London offices, located in the City and West End, comprise 35% of the portfolio (which will rise to an estimated 40% on completion of current developments). Our 7 million sq ft of high quality offices includes Broadgate, the premier City office campus (50% share) and Regent’s Place in the West End. Over the last 2 years, we have committed £1.2 billion to create Central London’s largest committed office development programme which will deliver 2.3 million sq ft of high quality space by 2014, including a 700,000 sq ft building at 5 Broadgate, the 610,000 sq ft Leadenhall Building in London’s insurance district and a 500,000 sq ft mixed office and residential scheme at Regent’s Place in the West End.

Managing our environmental, economic and social impacts is central to the way we do business and deliver value for our shareholders. We assess the issues that matter most to us and our stakeholders on an on-going basis and, where appropriate, adjust our strategic focus to reflect this. We focus on managing our buildings efficiently, supporting communities, developing sustainable buildings and engaging our staff. For each of these priorities we are targeting our efforts and resources at initiatives where we can achieve the biggest impacts.

Further details can be found on the British Land website at www.britishland.com.

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