Crest Nicholson Regeneration - Retail Letting - Camberley, The Atrium
Date: 25 Jan 2008
Crest Nicholson Regeneration and Standard Life Investments, working with Surrey Heath Borough Council, have let two more units at The Atrium, the £130 million mixed-use development in Camberley which is being funded by Standard Life Investments' Pooled and United Linked Life Funds.
Prezzo, the popular Italian restaurant operator, will occupy a ground floor, 3,343sq ft (311 sq m) unit, with a first floor situated at the entrance to The Atrium on St Mary's Road. The restaurant will feature both internal and external seating. Prezzo has taken a 25-year lease.
The Asian inspired restaurant operator, Wagamama, is to take a ground floor restaurant of 3,812sq ft (354 sq m), with first floor, and will have additional outdoor seating in the scheme's central atrium area alongside such restaurants as Chiquito, Frankie & Benny's and Café Rouge. Wagamama has also taken a 25-year lease.
These new lettings take the 34,557sq ft (3,210sq m) restaurant element of The Atrium to within one unit of being fully let before opening to the public later this year.
Other tenants already signed up for The Atrium include a 9-screen Vue cinema, a 22-lane Bowlplex, retailers Next, Zavvi and Sportsworld, who are taking large units on St Mary's Road together, and a host of well known restaurant operators.
The Atrium also includes 217 one and two bedroom apartments, 55 of which are shared ownership housing in conjunction with Thames Valley Housing Association, each with its own car parking space. Centro has now all been sold and is occupied whilst 23 units in Aspect have also been sold with completions following later in the year. The final phase, The Courtyard, is over 50% sold and first completions will take place in the first half of 2008.
Mike Hannigan, Investment Director at Standard Life Investments, said:
"We are delighted to welcome both Prezzo and Wagamama to The Atrium. Wagamama is certainly expanding fast and, we understand, has plans for further restaurant openings this year; we're delighted to be one of them.
"There has also been a great deal of retailer interest in the scheme since the start of the year and this is backed up by the last PROMIS live retail report which indicated that some 52 retailers are seeking space in Camberley compared with a national average of 49. We hope to be able to satisfy some of those needs at The Atrium."
Martin Mortimer, Development Director of Crest Nicholson Regeneration, added:
"We are delighted to announce two new lettings to two high quality restaurants operators. They will add to the wide and varied offer that we are creating at The Atrium and I'm sure will be a big attraction for the people of Camberley and beyond. This is a great start to the year in which The Atrium will open and, with more new names to be announced shortly, it is an exciting time for all involved with the development.
"To have just one restaurant unit remaining available ahead of our opening this autumn is a fantastic achievement and is an indication of how positive operators are about the scheme and Camberley's fantastic catchment."
The Camberley catchment is one of the most affluent in the UK, ranking 1 of all the PROMIS Centres on the PMA Affluence Indicator. Per capita retail spending levels within the catchment are well above the PROMIS average, an above average proportion of adults are within the most affluent AB social groups and the area contains an above average proportion of two car households.
An artist's impression of The Atrium, Camberley
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