Royal & SunAlliance - Retail - West London, Uxbridge
Date: 27 Apr 1998
Royal & SunAlliance has concluded an agreement with the London Borough of Hillingdon which enables the development of a 410,000 sq ft (38,089 mē) retail centre on 15 acres (6.07 ha) in Uxbridge, West London.
At the same time, the company has announced the letting of the key anchor store within the scheme to Debenhams; it is expected that Rank Odeon Cinemas - operating the centre's new 40,000 sq ft (3,716 mē) multi-screen cinema complex - and BhS will conclude contracts shortly. A number of the shop units have also been let, even though the centre will not commence full trading until the Autumn of 2000. Further lettings are expected to be concluded within the next few weeks.
Debenhams will trade over approximately 100,000 sq ft (9,290 mē) on two levels at the eastern end of the scheme, immediately adjacent to a new 1,600-space car park. At the western end, BhS will occupy 39,000 sq ft (3,623 mē), also on two levels. Negotiations are at an advanced stage to let the last remaining store, adjacent to the Bhs unit. Rank's decision to operate the multiplex cinema operation will supplement the retail offer. Together, these lettings will help to bring back life to a town which has lacked any significant retail investment for many years.
Uxbridge lies at the end of the Metropolitan and Piccadilly underground lines, which offer excellent services into central London. Road communications, too, are excellent, with the M25 motorway and Western Avenue immediately accessible via an improved dual carriageway link. Uxbridge has a large prosperous and mobile catchment population and the emphasis of the new centre will reflect the catchment's aspirational needs through the quality and mix of traders, which will focus on improving the fashion offer currently available.
According to Mark Ashton, a Property Fund Manager at Royal & SunAlliance Property Investments: "The conclusion of the development agreement after a year of detailed negotiation is critical to enable the scheme to proceed. The Fund has now created a rare opportunity for a freehold scheme within one of the wealthiest and best located catchments in the country. Detailed construction tenders are currently undergoing analysis and, if these are acceptable, we plan to start on site shortly."
When completed towards the end of the year 2000, the new centre will comprise the Debenhams department store and two large variety stores, together with 75 individual shop units. The leisure element - comprising dining, pub and other facilities - will focus on the new Odeon cinema multiplex, and will be formed around a courtyard opposite the Civic Centre, providing extended use of the town centre after shopping activity ceases. A 1,600-space car park, designed to Gold Award standards, will be built on Chippendale Waye which will be transformed into dual carriageway to improve traffic flows and provide dedicated vehicular access to the centre. In addition, new life and vigour will be created with the inclusion of new affordable housing. To complete the scheme, existing areas of the High Street will be repaved and landscaped, and pedestrian priority areas extended to provide a safe, attractive and comfortable shopping environment.
"Retailer perception of Uxbridge is undergoing transformation as more realise the town's locational and catchment benefits," says Mark Ashton. "The new scheme capitalises on this renewed perception."
Letting agents are Hillier Parker.
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