The Bristol Alliance, a joint venture between Land Securities Group PLC and Hammerson plc, yesterday announced that House of Fraser will be the new department store to anchor the Broadmead development in Bristol city center.
House of Fraser will open a flagship store occupying approximately 16,250 mÂ² (175,000 ftÂ²) in the new Broadmead scheme. The opening of this store follows House of Fraserâs successful regional expansion programme, with stores at Bluewater and The Oracle, providing sales densities 50% above the group average.
The Broadmead scheme, which received detailed planning consent in December 2003, will create some 139,350 mÂ² (1.5m ftÂ²) of mixed-used space incorporating new retail, leisure facilities, apartments, offices and public spaces in the heart of Bristol. Approximately 50% of the 92,930 mÂ² (1,000,000 ftÂ²) retail and leisure space is now either signed, in solicitorsâ hands or in active negotiations.
Francis Salway, Group Chief Executive of Land Securities, speaking on behalf of the Bristol Alliance, said: âWe are delighted that House of Fraser will be the anchor of the Broadmead scheme. The redevelopment of Broadmead will greatly enhance Bristol city centre, providing a thriving and vibrant retail-led destination serving the entire region.â
John Coleman, Chief Executive for House of Fraser, commented: âWe are very excited about this opportunity. House of Fraser enjoys a long history with Bristol and, in our new location within the revitalised Broadmead, we are looking forward to providing the city with a dynamic retail experience and a 21st century retail offer.â
Award winning architects, Stanton Williams, have been appointed by the Bristol Alliance specifically to develop the detailed design for the new building within the parameters of the previously approved masterplan. It is anticipated that a planning application for this last element of the scheme will be submitted this Spring.
The existing House of Fraser store comprising 26,440 mÂ² (284,650 ftÂ²) has been purchased by the Bristol Alliance and resold to a well-known high street retailer who plans to open a flagship store upon House of Fraserâs relocation into the new Broadmead development.
It is anticipated that works will commence on site in late summer 2005 with opening of the scheme scheduled for 2008.
Source: Land Securities