Standard Life Investments is providing the financial backing for the commercial element of the scheme, funding it from the £3.5 bn Pooled Property Pension Fund, the UK's largest, and its Unit Linked Life Fund.

The Atrium is a joint venture between Crest Nicholson Regeneration and Surrey Heath Borough Council. It combines 247,000 sq ft town centre retail and leisure space with 217 one- and two-bed apartments totalling 107,000 sq ft. The first retail units are expected to open in time for Christmas 2007.

Key prelets already in place include Next, which has taken a total of 14,700 sq ft trading over ground, first and second floors, on a 15-year lease. In addition, Virgin has taken a 7,240 sq ft unit on a 15-year lease at £136 zone A.

Vue has signed as the main leisure anchor, taking 35,545 sq ft for a nine-screen cinema on a 25-year lease. Staying with entertainment, Bowlplex has signed as the bowling operator, taking a 29,000 sq ft unit for a 22-lane bowling venue, also on a 25-year lease.

The Restaurant Group has taken two units of 3,900 sq ft each on 25-year leases for its Chiquito and Frankie & Benny's operations, while Café Rouge and Nando's have both opted for 2,811 sq ft restaurant units on the basis of 25-year leases.

In addition, Crest Nicholson Regeneration reports that a further 30,000 sq ft of lettings are in solicitors' hands, including deals with a high- street sportswear retailer, a coffee shop operator and a children's entertainment centre.

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