Legal & General commits £35m to Wrenbridge Sport development in York
Legal & General’ Leisure Fund is investing £35m in Wrenbridge Sport and the City of York Council’s development of the Vangarde leisure scheme at Vangarde Way, Monks Cross, York. The new state-of-the-art leisure and retail scheme will comprise a new 13-screen IMAX cinema covering 50,000 sq ft which has been pre-let to Cineworld, as well as various restaurants and retail units.
The leisure and retail scheme forms part of the wider regeneration of the Vangarde development which Wrenbridge Sport in a consortium with the City of York Council and Greenwich Leisure have been working on for the past four years. In addition to Legal & General’s investment, the wider scheme includes the construction of a new 8,000-seat stadium for York City FC and York Knights RCFC, a leisure complex community hub comprising sports hall, 25m swimming pool, gym, NHS facilities and outdoor artificial pitches, as well as further retail and restaurant units.
Andrew Ferguson, senior fund manager at LGIM Real Assets, said: “Good-quality leisure developments in the UK are still relatively rare. The chance to fund a brand-new scheme, anchored by Cineworld, in an important growth city such as York is a great opportunity for the Leisure Fund.”