Waitrose kicks off Bracknell regeneration
Published: 15 December, 2010
36,000-sq ft food store to anchor north-west of town centre
The Bracknell Regeneration Partnership, a 50:50 joint venture between Schroders and Legal & General Property, has agreed a pre-let with Waitrose for a 36,00- sq ft supermarket on a key site in the north-west of Bracknell’s town centre on a 35-year lease.
The site, formerly an office building known as Imation House, which was demolished in 2008, sits on Millennium Way and will be developed into a standalone food store with circa 240 car spaces. The building has been carefully designed to operate initially as a standalone supermarket, but once the larger redevelopment scheme proceeds, at a later date, it will operate as one of the anchor tenants. The food store will be designed by BDP and will provide a 25,000 - ft sales area.
The developers aim to be on site in April 2011 in order to open the store as early as possible before Spring 2012. The deal, which represents the first new retail building to be developed in Bracknell town centre in over 25 years, will kick-start phase one of the wider regeneration, with several other initiatives currently in motion, including a planning submission made in November 2010 for the partial refurbishment and redevelopment of Princess Square.
Ian Mason, Head of UK Property Fund Management at Schroders, adds: “This announcement propels Bracknell forward and will act as a magnet to build on the existing interest we are seeing from other high quality retailers who are keen to get representation in the town. We look forward to building on the current momentum.”
