M&S kicks off Peterborough development
Published: 06 July, 2011
Aberdeen secures first letting at new 260,000-sq ft Brotherhood Shopping Park development
Aberdeen Property UK Retail Parks Trust has signed Marks & Spencer as the first name to join Brotherhood Shopping Park, Peterborough, a £25m development that is scheduled to open in autumn 2012.
Marks & Spencer has entered into a 25-year lease for a total area of 70,000 sq ft - 35,000 sq ft on the ground floor and 35,000 sq ft on a mezzanine level. The store will offer a full line, incorporating a food hall; café; men's, women's and children's clothing ranges, together with a homeware provision.
Originally Brotherhood Retail Park was built 23 years ago, opening in 1989. The application for redevelopment to the new, state-of-the-art Brotherhood Shopping Park was submitted in 2007 with work being scheduled to commence in late 2011.
The new park will be completely landscaped and developed to the highest specification, including polished stone, flushed glazing and cladding. With a total area of 260,000 sq ft of retail space, 110,000 being on a mezzanine level,
Brotherhood Shopping Park will feature 11 retail units, a restaurant, 528 parking spaces, a cycle rack for 200 bikes and a new covered bus stop.
Aberdeen’s Phil Huby said: "This is a significant development for the fund with a capital investment of £25m in a much needed regeneration of the Brotherhood scheme. It is generating interest from top line retailers who are attracted to Peterborough and the scheme. I believe the new shopping park will be a great addition to the retail offer in the city."
Aberdeen Asset Management was advised by Savills and Harvey Spack Field for the Marks & Spencer letting.
