Hercules Unit Trust (HUT), the specialist retail park fund advised by British Land and managed by Schroders, is pleased to announce that construction work has started on four extensions to existing schemes across its portfolio. Work is underway on a 112,000 ft² (approx. 10,405 m²) retail extension at Glasgow Fort, a 71,000 ft² (approx. 6,596 m²) extension at Deepdale Shopping Park in Preston and leisure extensions of 55,000 ft² (approx. 5,109 m²) at Fort Kinnaird in Edinburgh and 55,000 ft² (approx. 5,109 m²) at Broughton Shopping Park in Chester.
The extensions have a total cost of £75 million (approx. €92.3 million) and will create more than a thousand new retail jobs locally, as well as temporary positions during the construction phase.
The £35.5 million (approx. €43.67 million) Glasgow Fort retail extension comprises an 80,000 ft² (approx. 7,432 m²) anchor store which has been pre-let to M&S and a further 32,250 ft² (approx. 2,996 m²) of retail and food and beverage space.
The £14 million (approx. €17.22 million) extension at Deepdale Shopping Park in Preston, which is 50% owned by HUT, will deliver 44,897 ft² of additional retail space, which is 100% pre-let, and 28,658 ft² of ancillary uses. The retailers to open at the extension are Wren Kitchens, Sofaworks, Harveys and Oak Furniture Land.
The £12.5 million (approx. €15.4 million) leisure extension at Broughton Shopping Park in Chester will include an 11-screen Cineworld IMAX cinema and five high quality family restaurants including PizzaExpress, Frankie & Benny’s, Chiquito and Nando’s.
Fort Kinnaird’s £13 million (approx. €16 million) leisure extension in partnership with the Crown Estate, which is 50% funded by HUT, will feature a seven screen Odeon cinema alongside seven restaurants including PizzaExpress, Nando’s, Frankie & Benny’s, Chiquito and TGI Friday’s and a cafe.
Ben Grose, Head of Hercules Unit Trust for British Land, said: "This £75 million investment will enable HUT to further broaden the retail and leisure mix and incorporate more food and beverage operators at these four key assets. This will enable us to continue to improve the shopper experience and enhance dwell times."
The extension at Preston is scheduled for completion this year with Glasgow Fort, Edinburgh and Chester in spring 2015.
Fort Kinnaird Shopping Park is owned by Gibraltar Limited Partnership which is 50% owned by the Hercules Unit Trust (HUT) and 50% owned by The Crown Estate.
Source: British Land