The redevelopment of the Vancouver shopping centre in King’s Lynn is due to start thanks to an innovative deal being sealed between LAP and Oaktree Capital and King’s Lynn and West Norfolk Borough Council.
The local authority’s progressive approach to the regeneration of King’s Lynn town centre has seen it renegotiate a 250-year lease on the empty former Beales department store. In releasing the space for redevelopment, the council has cleared the way for the delivery of a 20,000-sq ft anchor store for H&M, together with four other retail units.
The Vancouver Quarter shopping centre is owned by a joint venture between LAP and US investment management firm Oaktree Capital. The 385,000-sq ft centre, anchored by Sainsbury’s, Wilko and TK Maxx, already attracts a footfall of 165,000 visitors a week and following the closure of Beales, the owner identified potential to further boost the open-air scheme’s appeal to modern retailers.
David Gooch at letting agent GCW said: “This deal has come about thanks to a dynamic public/private sector partnership and confirms what can be achieved through innovative collaboration. The redevelopment will greatly enhance Vancouver Quarter’s tenant line up and its appeal as a shopping destination.”