Capital & Regional Secures Leading Leisure Brands for Kingfisher ‘Hub’ as Repositioning Plans are Progressed
September 17, 2013
Capital & Regional, the specialist retail property company, has announced it has secured family dining brands Nandos and Real China for The Kingfisher Shopping Centre, Redditch. The lettings are in-line with Capital & Regionals strategy to reposition the 920,000 sq ft scheme, creating a night-time economy and transforming the centres catering and leisure offer.
Peri Peri chicken restaurant brand Nandos and oriental buffet chain Real China will both occupy 4,000 sq ft units in the centres soon-to-be-created leisure quarter, the Hub. Both operators have taken 15 year leases. The restaurants will trade alongside a seven screen Vue cinema and a Pure Gym which has recently signed for a 16,000 sq ft fitness centre.
Capacity exits for two further restaurant units with discussions ongoing with a number of interested parties. Work on the 35,000 sq ft Hub, which benefits from its own car park and is adjacent to both a bus and rail interchange has now commenced, Pure Gym will open in December 2013 and handover of the A3 units is programmed for early 2014 with the restaurants opening by Easter 2014.
Iain Minto, Retail Asset Manager for Capital & Regional, commented: The interest we have received from leading restaurant operators demonstrates the strong demand for catering space in Redditch. There is a clear consumer requirement for an improved leisure provision in the town and these lettings will enable us to deliver this, meeting the demands of our catchment.
By tapping into the schemes potential, we are confident that we can position the Kingfisher Shopping Centre as a leading regional retail and leisure destination.
Alongside its plans to enhance The Kingfisher Shopping Centres restaurant and leisure offering, Capital & Regional is progressing significant plans to improve the schemes retail mix. This will include the reconfiguration of units and relocation of retailers to create retail zones in Worcester Square and Evesham Walk, which will help to secure leading fashion brands.
The Kingfisher Shopping Centre is anchored by Debenhams, Marks & Spencer, Next and Primark and attracts over 10 million visitors a year. Capital & Regional purchased the West Midlands scheme in 2012, having formed a joint venture partnership with Oaktree Capital Management.
Jackson Criss, Kitchen La Frenais Morgan and Davis Coffer Lyons are the leasing consultants.