PRICOA Property Investment Management - Leisure Development - Leeds, Castleford
Date: 02 Apr 2002
PRICOA Property Investment Management ("PRICOA") and Capital & Regional plc today announce that they have completed the purchase of a 22 acre site adjoining the Freeport leisure factory outlet centre in Castleford, Leeds to develop a second Xscape destination complex. The site was acquired from Waystone Ltd for a total consideration of £3.1m.
Xscape, Castleford will follow the enormous success of the first Xscape entertainment destination which opened in Milton Keynes in June 2000 and attracted over 4.3 million visitors in its first year.
The £58m development is a joint venture between Hanover Property Unit Trust, which is managed by PRICOA and Capital & Regional plc.
The development offers 360,000 sq ft of lettable space and is 66% pre-let. It will include an indoor real snow ski slope managed by Snozone Limited (a Capital & Regional subsidiary); a 14 screen multiplex cinema pre-let to Cine UK Limited; an indoor and outdoor skate park and a 16m high ice climbing wall. A number of lifestyle retailers, including Ellis Brigham Limited, Legends plc and Silvertrek Limited, have committed to the scheme together with an array of cafés, bars and restaurants, including Nandos Chicken Land Limited, ASK Restaurants Limited, Tootsies Restaurants and JD Wetherspoons plc. The 20 lane bowling alley and pool bar has been let to Bowlplex plc.
A building contract has been placed with Shepherd Construction for a sum of £31.2m and construction has already commenced. Completion is expected in Autumn 2003.
PY Gerbeau, Chief Executive of Xscape Ltd said:
"The huge success of Xscape, Milton Keynes, which has brought together a highly innovative combination of retail and leisure entertainment, has been so successful that many of our lead tenants have supported us by entering into pre-commitments for this new centre at Castleford. We plan to produce further original and exciting entertainment within this scheme to complement the array of retailers, restaurants and cafés that will be joining us."
Robert Palmer of PRICOA commented:
"This acquisition expands the successful partnership that Hanover has established with Capital & Regional and Xscape at Milton Keynes and provides the Trust with another exciting development project that is already substantially pre-leased.”
Related website: PRICOA Property Investment Management
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