Legal & General Property ("LGP") announced that it has entered into an exclusivity agreement with The London Borough of Hounslow to explore options for delivering Phase II of the Blenheim Centre, which will form an important link between Phase I of the Blenheim Centre and the High Street. Unveiling its vision for how the next phase of the development could look, LGP has released first plans for the site.
Despite the current economic outlook, investors see the potential of the town.
Phase I of the Blenheim Centre comprises 129,512 ft² (12,000 m²) of retail, leisure healthcare and restaurant accommodation, together with a 409 space car park in the basement, and is anchored by a 77,000 ft² Asda superstore. It was purchased by LGP in 2010 and, where the previous owners left off, LGP is now working towards bringing forward the next phases of Hounslow, the town center's major redevelopment program.
Simon Russian, Head of Retail Development at Legal & General Property, said: "This project offers an excellent opportunity to deliver new shops, leisure facilities and public spaces that will help revitalize Hounslow Town Centre and create hundreds of new jobs for local people. We look forward to furthering our proposals as we continue our discussions on the scheme and develop our plans over the coming months in order to make it possible to bring forward a scheme that is not only financially viable but best serves the needs of the community and helps kick start the wider regeneration of the town center."
Lee Dawson, Director of Corporate Property and Project Co-ordination at Hounslow Council, said: "Local people been waiting a long time for the town centre to be redeveloped and this agreement brings us a step closer to that goal. This shows that despite the current economic outlook, investors see the potential of the town and are prepared to put money into the area. Legal and General Property has a strong track record of delivering major, successful development and regeneration projects, and we look forward to seeing the plans for the site. We will be continuing to press ahead with our wider plans for the town centre, which will create jobs and opportunities for years to come."
Source: FTI Consulting