Legal & General Property ('LGP') announces that it is currently developing plans for a major £15 million (approx. 18 million) enhancement to Midsummer Place Shopping Centre in Milton Keynes.
The improvements, which could add 57,000 ft² (around 5,300 m²) of new retail space to the center, are designed to enable LGP to attract more international fashion retailers to the center, further strengthening its existing tenant base, and also to create a new restaurant quarter bringing a higher quality food and drink offer. It is believed that the enhancements will also create significant local job opportunities.
Midsummer Place acts as a fashion hub for Milton Keynes providing 430,000 ft² of retail space and has an annual footfall of over 17 million. Focussed on delivering high brand fashion within a first-rate shopping environment existing tenants at the center include Hollister, Superdry, Zara, Hugo Boss, Apple, GAP, H&M and Debenhams.
LGP is currently finalizing plans for the scheme and hopes to submit an application towards the end of May 2012. Liaising closely with the local community, their plans will go on public display adjacent to the Gap store at Midsummer Place Shopping Centre at the end of this month.
Commenting, Helen Snooks, Senior Asset Manager, Shopping Centers at Legal & General Property, said: "Milton Keynes has established itself as the major regional shopping destination and it is important that we support this by continuing to invest in and improve its offering in order to best serve our discerning customers and maintain this position."
Midsummer Place Center Manager, Martin Hindson, added: "We want to make Midsummer Place Shopping Centre even better and ensure that it remains the go to fashion quarter, by accommodating new international retailers and restaurants not currently represented in Milton Keynes. Not only will the plans improve the retail and food offer for our customers but also the shopping experience for those visiting Milton Keynes as a whole."
Source: FTI Consulting