Land Securities announces that it has exchanged contracts with a number of retailers for space totalling 30,500 sq ft (2,833 mÂ²) at Cardinal Place, introducing an impressive retail offer to the heart of Victoria.
The retail element of the development, which is anchored by a 37,200 sq ft (3,400 mÂ²) Marks & Spencer, is now over 80% pre-let. The lettings, which include ten retailers new to Victoria, will create a seven day trading location for people working and living in the area.
Commenting on the new lettings, Mike Hussey, Managing Director, Land Securities London Portfolio, said: âIn the past Victoria has been something of a missed retail opportunity. The shopping experience at Cardinal Place provides a welcome transformation for this part of the West End set alongside some of the most innovative commercial and public space to be developed in London for many years.â
Retail rental levels in the development are in the region of a Â£210 per sq ft plus turnover provisions at an average lease term of 15 years. The total income per annum for the retail element of the scheme is expected to exceed Â£4.5 million.
The retailers on the Victoria Street frontage of the scheme will include Zara, Top Shop / Top Man, Jones the Bootmaker, Monsoon, Goldsmiths, Molton Brown, Hawes & Curtis and Accessorize. Other lettings currently in solicitorsâ hands include a purpose built cafÃ© and restaurant quarter opening in late summer 2005.
The retail line up is now as follows:
Marks & Spencer (incl food hall) (37,200 sq ft) (3,400 mÂ²)
Zara (6,332 sq ft) (588 mÂ²)
Top Shop/Top Man (4,100 sq ft) (381 mÂ²)
Molton Brown (1,075 sq ft) (100 mÂ²)
Monsoon (3,607 sq ft) (335 mÂ²)
Jones the Bootmaker (1,994 sq ft) (185 mÂ²)
Accessorize (1,055 sq ft) (98 mÂ²)
Goldsmiths (2,148 sq ft) (200 mÂ²)
Hawes & Curtis (1,578 sq ft) (147 mÂ²)
Thorntons (686 sq ft) (64 mÂ²)
Specsavers (1,598 sq ft) (148 mÂ²)
Boots The Chemist (4,212 sq ft) (391 mÂ²)
Lloyds Bank (2,062 sq ft) (192 mÂ²)
Source: Land Securities