The Bracknell Regeneration Partnership has signed Fat Face and Carphone Warehouse for its £240 million retail and leisure regeneration project, The Lexicon Bracknell. This brings the total to seven new lettings announced over the past month. The news follows August’s announcement of five new signings, including Smiggle, Beaverbrooks and Foot Locker. They join an already impressive line-up of retailers such as Fenwick, Primark and TopShop.
Lifestyle clothing and accessories retailer Fat Face is taking 5,750 sq. ft. The brand is a significant addition for The Avenue, which will be a main fashion and style thoroughfare in Bracknell, joining Fenwick, H&M, Beverbrooks and Marks & Spencer, and adjacent to River Island and Topshop. Also, Carphone Warehouse will be relocating its store from Bracknell’s existing Princess Square Shopping Centre to a larger unit, taking 1,600 sq. ft. on Braccan Walk opposite Primark.
The lettings were announced at Revo 2016 (formerly BCSC) in Manchester, the UK’s largest business-to-business event for the retail property industry. They show the resilience of the occupier market post the EU referendum in June. They also demonstrate continued confidence by retailers and restauranteurs in high-quality shopping destinations with strong catchments, such as The Lexicon.
The recent lettings bring the total space let to nearing 400,000 sq. ft. with a further 29,000 sq. ft. in legal negotiations.
Richard Poyser, Retail Leasing Manager for The Lexicon Bracknell, commented: “While there has been some uncertainty in the market in recent months following the EU referendum, interest in The Lexicon from retail and F&B operators has remained strong, demonstrated by the impressive line-up of lettings announced over the past month. We’re excited to be able to deliver a superb town centre with great brands and attractions for Bracknell.”
Harry Pickering, Investment Manager for Schroder UK Real Estate Fund, commented: “Momentum is really building on the project as we enter the final 12 months ahead of opening. With seven new lettings announced in the past month alone, The Lexicon Bracknell is well on the way to becoming the shopping and leisure destination of choice in Berkshire, when it opens in under 12 months’ time.”
The Lexicon Bracknell is being developed by The Bracknell Regeneration Partnership (“BRP”), a 50:50 joint venture between Legal & General Capital (“LGC”) and Schroder UK Real Estate Fund (“SREF”), working in partnership with Bracknell Forest Council (“BFC”). Now 70 per cent pre-let (by floor area), The Lexicon Bracknell will fundamentally change the landscape of Bracknell Town Centre when completed, more than doubling the square footage of the current retail offer with the inclusion of a further 580,000 sq. ft. of new retail, dining and leisure.
The Bracknell Regeneration Partnership has also revealed the opening date for The Lexicon Bracknell as 7th September 2017. Opening at that time, the launch of The Lexicon will coincide with the strongest retail trading period of the year, ensuring a robust kick-start and trading period for the scheme to establish itself. Work on-site is continuing to progress at a fast pace, with Fenwick Department Store’s final piece of cladding lifted into place on 13th September 2016 visually completing the eye-catching architectural impact of the building.
Hugo Fenwick, Trading Director of Fenwick, said, “We are delighted to be opening our first new Fenwick in over a decade at The Lexicon Bracknell.This façade is a real feature of this store and will form a dramatic backdrop to the Lexicon creating a markedly different experience during the day and at night. It is excellent that the construction of the scheme is progressing well alongside the breadth of tenants that have recently signed up .We look forward to commence fitting out our store in earnest later this autumn in readiness for launch in 2017.”
Clad in cast natural aluminium panels, the building features random perforations that form a waved pattern which act as a veil to the retail activity beyond. These perforated panels are specially back-lit which create a markedly different experience through the day and at night.
In addition to strong retail choices, Bracknell’s evening economy will be transformed with the opening of a 12-screen Cineworld and ten casual dining restaurants, including wagamama, Carluccio’s, Gourmet Burger Kitchen, Nando’s and Chimichanga.
The joint agents for The Lexicon Bracknell are CBRE and Lunson Mitchenall.
