The Lexicon, the joint venture partnership between Schroder UK Real Estate Fund and Legal & General Capital, has announced that Phase Eight, PureGym, Silentnight and The Works will be letting a combined 18,492 sq ft in the scheme.
British womenswear brand Phase Eight has taken a 1,822 sq ft space, while both Silentnight and The Works have signed 5 year leases for units on Braccan Walk, leasing 1,798 sq ft and 2,906 sq ft units respectively. Meanwhile PureGym, the low-cost gym chain known for its flexible memberships, will be opening in a 12,066 sq ft unit within Princess Square.
The Lexicon has also revealed that LaplandUK will be launching a 3,533 sq ft immersive retail store over the festive period, in a first for the UK shopping centre industry. Opening on 13th November and closing on Christmas Eve, LaplandUK will offer visitors an immersive story-telling experience, which will tell the story of how the humble toy maker and his wife became known to all as Father and Mother Christmas, centred around a wishing tree.
The lettings further diversify the retail offering at The Lexicon, now a top 30 UK retail hub, following a series of arrivals last year which saw TK Maxx, Matalan, Mountain Warehouse and Poundland fill 63,000 sq ft of retail space.
The new arrivals coincide with Waterstones also committing to invest £200,000 into refurbishing its store, further demonstrating retailer confidence in the scheme.
Schroder UK Real Estate Fund and Legal & General Capital recently announced that they would be embarking on a multi-million pound makeover of Princess Square to kick off the latest phase of Bracknell town centre’s regeneration – these works commenced this month.
The development, anticipated to complete in 2020, will transform the original Princess Square shopping centre into a modern retail environment that will house new brands, as well as give many of the current stores a brighter, lighter space from which to operate.
Harry Pickering, Head of UK Retail at Schroders, comments: “It’s been just a little over two years since we celebrated the historic opening of The Lexicon. In that time the centre has continued to defy retail trends despite the challenging market for retail nationally, exemplifying our approach to investment into carefully selected destination retail in winning locations.
“The Lexicon’s success demonstrates continued local consumer appetite, and has led to more investment into the area. This in turn has been rewarded with the arrival of four more new prominent names in Phase Eight, PureGym, Silentnight and The Works, as well as the first LaplandUK store.”
Rachel Dickie, Director of Urban Regeneration at Legal & General Capital, adds: “The introduction of these popular names to The Lexicon and opening of the first pop-up LaplandUK retail store are testament to Bracknell’s appeal as a retail and leisure destination, enhancing the offering for the local community in the process.”
The Lexicon has established itself as a catalyst for regeneration in the town and wider borough, with Bracknell being the first post-war new town to be comprehensively master planned, demolished, re-configured and rebuilt.
The Lexicon, Bracknell was developed by The Bracknell Regeneration Partnership, a 50:50 joint venture between Legal & General Capital and Schroder UK Real Estate Fund, working in partnership with Bracknell Forest Council. The joint agents for The Lexicon, Bracknell are CBRE and Lunson Mitchenall.