Multi has announced the on time opening of phase one of SouthGate in Bath, UK, on November 4, 2009, now that the Sainsbury's supermarket chain has signed up to open a store in the development. Offering 417,000 ft² (approx. 38,700 m²) of retail space, SouthGate is the largest ever mixed-use development in Bath city center.
SouthGate is the largest ever mixed-use development in Bath city center.
"We are delighted to announce the opening of phase one on time. Momentum is really gathering on lettings as retailers even in this tough economic climate recognize that Bath is still a very strong trading location. There are relatively few vacancies in the city and there is a lot of demand from retailers for the new quality of space we are offering. We are also really pleased to announce that Sainsbury's will be opening in the development; further widening the range of offers available to shoppers," said Stuart Harris, Leasing Director at Multi Development (UK) Ltd.
Mark Rush, Sainsbury's Regional Acquisitions Manager, said: "We are delighted to be part of the initial opening phase of the Southgate development. We believe we are ideally located for both shoppers in the new center and also for those using the new bus station and train station. Our existing Sainsbury's store in Monmouth Street trades well and we believe the new Southgate Local store will be a positive addition to the town center."
SouthGate is the largest ever mixed-use development in Bath city center. Its retail, residential and leisure areas will be linked by classic Georgian-style open streets, with major public spaces, including a large central square, designed to hold community, arts and entertainment events. The open streetscape will connect over 65 shops, cafés, and restaurants anchored by a 125,000-ft² Debenhams department store.
The development, which is already 45% let, with an additional 20% agreed, will open in three equal phases, phase two in May 2010, phase three in September 2010. It will include 99 apartments and 860 new underground parking spaces.
Multi are also joint venture investors with Aviva. Aviva Investors is one of the largest and most successful managers of property assets in the UK and Europe.