St. Modwen Properties PLC has pre-let a 150,000 ft² (approx. 13,935 m²) full offer store to Marks & Spencer on a 45-year lease. The letting will be located at the heart of the Company’s major mixed-use regeneration scheme at Longbridge in Birmingham.
Arranged over two floors, this flagship M&S letting will be one of the largest in the UK for the national retailer and will create up to 350 jobs. It will also be the anchor of the second phase of the Longbridge Town Centre for which St. Modwen will shortly submit a revised planning application, which – along with the new letting - will include proposals for 45,000 ft² of additional retail units, plus a surface and multi-story car park.
Subject to planning, works to the second phase of the Town Centre will start on site in mid-2014 with the new Marks & Spencer anticipated to open for trading by Christmas 2015.
St. Modwen originally acquired the 468 acre former MG Rover site at Longbridge in 2003. The scheme constitutes a 15-year, £1 billion regeneration project, which will culminate in the creation of a vibrant mixed-use community, with up to 2,000 new homes together with employment and retail facilities to support up to 10,000 jobs.
Commenting on this latest milestone at the ongoing regeneration of Longbridge, Bill Oliver, Chief Executive of St. Modwen, said: “To date, St. Modwen has created over 3,500 jobs on site at Longbridge. The addition of Marks & Spencer to the scheme, which will underpin the delivery of phase two of the new Town Centre, illustrates further how our transformational regeneration projects can encourage investment and serve as true catalysts for change, as well as creating substantial value for our shareholders.”
Julie Ridley, regional manager at M&S, commented: “This is an exciting prospect for M&S and the shoppers of Longbridge. We’re looking forward to bringing all that M&S has to offer to the local area and believe the new store will cater for the shoppers of south Birmingham and attract new customers from the M5 and M42 corridor.”
Source: FTI Consulting
