Legal & General Investment Management Real Assets has partnered with a major international investor to drive forward its £220m retail and leisure scheme in Eastbourne. The significant injection of capital will enhance the existing Arndale shopping centre as well as kick-start the scheme’s £85m retail and leisure extension.
The new investment bolsters plans for the major 175,000-sq ft retail and leisure extension which includes the demolition of buildings to the west of the centre along Terminus Road, bringing an additional 22 new retail units, 300 extra car parking spaces, seven restaurants and a nine-screen cinema to Eastbourne town centre.
New signings for the extension include Cineworld, Next, H&M, Fat Face, New Look, Nando’s, Carluccio’s, Wagamama, Byron, Chiquito, Frankie & Benny’s and Ask. A building contract is now in place and construction works have begun with completion expected in autumn 2018.
James Whitehill, senior fund manager at LGIM Real Assets, said: “This injection of international capital by a key investment partner, alongside Legal & General’s existing ownership and investment, ensures the further strengthening of an already dominant retail destination. We have already secured a host of excellent retailers for the extension to include a major cinema operator as well as many popular restaurants in a boost to both the town’s day time and night time economy.”