Salmon Harvester Properties - Retail Development - Cheltenham, The Brewery

Date: 01 Sep 2004

Salmon Harvester Properties Ltd, the joint venture company between Salmon Developments Plc and NFU Mutual, has secured six new tenants for its redevelopment of the former Flowers Brewery, Cheltenham.

Construction is now underway at the redevelopment known as The Brewery, which is due for completion by Christmas 2005.

The development totals some 200,000 sq ft (18,580 sq m) with over 65% already pre-let. The remaining space amounts to approximately 40,000 sq ft (3,716 sq m) of retail units and 25,000 sq ft (2,322 sq m) of restaurants / bars units.

Aspers, a new venture between the Packer family and Aspinalls, one of the UK's leading casino operators, has agreed a pre-letting for 57,000 sq ft (5,295 sq m) of space on a 15-year lease. This will be the second Aspers opened outside of central London, and will provide the full range of table games and gaming machines. The casino will also include a restaurant and bars.

Cine UK will provide a 36,000 sq ft (3,344 sq m), 11-screen and 2,000 seat Cineworld cinema. This will be the first cinema built in the town and is being taken on a 25-year lease.

Leisure operator Fitness First has agreed to take 20,000 sq ft (1,858 sq m) over two floors on a 25-year lease. The health and fitness club will incorporate a swimming pool.

Within the scheme, Frankie & Benny's Italian restaurant has pre-let a 3,000 sq ft (279 sq m) unit; Nando's has taken 3,000 sq ft (371 sq m) of space, while Chiquito will occupy 3,750 sq ft (348 sq m), all on 25-year leases. Rents range from between £10 per sq ft (£108 per sq m) to £25 per sq ft (£270 per sq m).

Doug Stewart, a director of Salmon Harvester said: "These transactions further strengthen the line-up of leading UK and international brands and retailers committed to The Brewery. The people of Cheltenham are going to get high quality operators coming to the town to trade from a well designed, attractive town centre redevelopment."

Salmon Harvester was advised by Hartnell Taylor Cook and Cushman & Wakefield Healey & Baker on all lettings.

Aspinalls was represented by Gerald Eve, Fitness First was advised by Lathan Yeomans and Cine UK by Edgerley Simpson Howe & Partners.

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