Sowcrest, the joint venture between St. Modwen and Rotch, continues to defy market conditions with Wembley Central – its £90 million redevelopment project in the heart of Wembley Town Centre – where it has pre-let over 15,700 sq ft to Peacocks.
The fashion retailer, which will trade both its Peacocks and Bon Marché brands, has taken the space on a10 year lease at £175,000 per annum with an undisclosed incentive package. It will move into the scheme in Spring 2009, joining a strong line up of other retailers including TK Maxx, Somerfield, Iceland, Holland & Barratt and Totesport.
Killian Morris, senior development manager, St. Modwen says:
“The latest deal with Peacocks brings the total amount of pre-let retail space to over 60%of the scheme’s total and we have several other deals with retailers at various stages in the legal process.
“Against the backdrop of a difficult economic climate, we are continuing apace with the development works on what is a technically complex scheme. The success achieved to date provides a huge vote of confidence for the development, is a testament to the commercial opportunities it presents and strongly confirms the need to regenerate this part of Wembley.”
Simon Anderson of Peacocks comments:
“Wembley is one of the few remaining strong suburbs in London where we are not represented. We have been keen to take space here for a long time now and Sowcrest’s redevelopment provides us with exactly the right opportunity. There is no doubt in our minds that Wembley Central will become the main shopping focus for the immediate area and we are pleased to be part of this exciting regeneration project.
The £90 million regeneration scheme, situated in the heart of Wembley Town Centre will provide a total of 135,000 sq ft of retail and leisure space, together with 24,000 sq ft of offices and 259 apartments. The scheme will also feature a new public square, fronting Wembley high road, which will provide an open aspect for Wembley Central Train Station and create a safer, livelier ambience that will add to the buzz that the scheme is already creating
St. Modwen was represented by Kitchen La Frenais Morgan, whilst Mason & Partners acted for Peacocks.
Notes to Editors:
St. Modwen Properties plc
St. Modwen is the UK’s leading regeneration specialist, operating across the full spectrum of the property industry through a network of seven regional offices and a Birmingham based head office. The company is wholly focussed upon regeneration with expertise in town centre regeneration, partnering industry, brownfield land renewal and heritage restoration.
For further information, please contact:
T: 07970 949 914
Senior Development Manager
T: 0207 788 3700