LGIM Real Assets has signed an agreement with the Borough of Poole that unlocks c. €29.5m (£26m) programme of investment at The Dolphin Centre, Dorset's largest covered shopping destination. Plans include bringing further improved retail and dining choices to the Centre.
The agreement restructures the existing headlease arrangements into a single, longer lease and allows LGIM Real Assets to bring forward an 18-month improvement programme. Due to start in the summer, the refurbishment works are expected to reach completion by the end of 2018. Through the programme, significant improvements will be made to the internal malls and entrances of the centre, as well as to the public realm and facades of Falkland Square and Kingland Crescent, both of which are open air.
As part of the investment package, LGIM Real Assets is also working on exciting plans to broaden the appeal of The Dolphin Centre to shoppers and tourists.
Alongside LGIM Real Assets's investment, the Council will be investing €1.7m (£1.5m) into upgrading the multi -storey car park, which it owns, in addition to completing the programme of remedial works that is already underway. The Council's investment will coincide with completion of The Dolphin Centre improvements.
Mark Russell, Senior Fund Manager at LGIM Real Assets, said: "We are delighted to have reached an agreement with the Borough of Poole which will now allow us to implement our strategic vision for The Dolphin Centre. We are poised to reposition the scheme in terms of ambience and offer, bringing new trading fascias into the Centre and significantly improving the facilities available to our customers. It is exciting to be able to play such a leading role in improving the amenity of Poole town centre in collaboration with the Borough of Poole."
