Land Securities has launched the 49,237-m² Princesshay retail-led urban generation scheme in Exeter on Thursday 20 September. The Princesshay launch follows on from the developer's success in delivering the internationally acclaimed Whitefriars quarter in historic Canterbury and the Bullring in Birmingham.
Princesshay provides 37,160 m² of prime retail and 12,077 m² of much sought after residential apartments, all planned around a series of pedestrian streets and public spaces. Working in partnership with Exeter City Council, Princesshay's £225 million (c. €300m) investment represents the biggest single investment in regeneration within Exeter's history and has further strengthened the city's status as the region's capital.
Designed by three leading international architects, the scheme is already playing a major part in boosting the city's day and evening economies. The early opening of Bedford Street at Easter this year has demonstrated how Princesshay will deliver long-term economic, environmental and social benefits to Exeter's residential and business communities.
Anchored by a 12,078-m² Debenhams store, relocated from Sidwell Street, Princesshay has introduced a dynamic high end fashion and lifestyle element into the city center with an impressive retail line up including LK Bennett, Karen Millen, Reiss, Zara, USC and Apple, many of whom have chosen Princesshay as their first venture into the South West.
A major feature of Princesshay, which has been applauded by many, is the unique and distinctive mix of major brands and independent retailers with fourteen units originally earmarked to specifically encourage independent use through their size, location and flexible leasing package. Local and regional independents have taken advantage of the this opportunity including Bath designed fashion boutique A H Moda, local furniture and home accessories retailer Orange Tree, Devon based retailer Insideout and Bristol deli Chandos. These independents now trade alongside other specialist niche retailers such as Neal's Yard Remedies, Ringtons, Hotel Chocolat and one of London's leading womenswear designers, Caroline Charles.
The main focal point of the scheme is the new European-styled Princesshay Square, home to the striking Pavilion building which features remarkable contemporary public art that complements the sweeping views of Exeter's 12th century cathedral. The large vibrant piazza has become the city's new destination for socializing with eateries including La Tasca, Strada and Café Rouge.
Peter Cleary, Head of Retail Development at Land Securities, comments, "Land Securities has a significant retail development pipeline which is changing towns across the UK, by implementing genuine mixed-use schemes which will rejuvenate these city centers with people, retail and city center living. At Princesshay, we have worked with three renowned architects, the local community, English Heritage and other stakeholders to ensure that we are creating a new heart for Exeter which delivers modern amenities to blend with its historic fabric."
Nick Davis, Development Director at Land Securities, explains, "Today is a joint celebration with Exeter City Council. For many years Exeter has enjoyed its internationally recognized heritage and cultural status but it has lacked a high quality retail and leisure offer to transform the city into a day and evening destination. Leading national retailers and independents were very quick to recognize Princesshay's first class environment and Exeter's strategic location and we are delighted to be nudging the 100% let mark on launch. We now confidently add Princesshay to our track record of delivering vibrant and sustainable developments that respect the past whilst acknowledging the future needs of the city."
John Rigby, Director of Development at Exeter City Council, adds, "Princesshay represents the biggest single investment in regeneration and today we can see that it was a worthwhile and valuable investment. Princesshay is pivotal to delivering