The Lexicon, the joint venture partnership between Schroder UK Real Estate Fund and Legal & General Capital, has announced that Frasers Group plc will be taking 40,000 sq ft at the scheme for its Sports Direct, USC, GAME and Evans Cycles brands.
Located within Princess Square – which has undergone a £30m refurbishment/redevelopment – the new brands will be making their mark on the scheme as the transformation of Bracknell town centre into a modern mixed-use destination continues. Branded frontages will be introduced, and a modern glazed façade will replace the existing brick frontage to invigorate the building fascia and introduce a new gateway at one of the scheme’s main entrances.
The addition of Sports Direct and Evans Cycles will further complement the leisure offering at The Lexicon, as it joins Pure Gym and Gymfinity, as well as other signings. These include Mediterranean restaurant chain The Real Greek and casual wear retailer Crew Clothing, which recently took a combined 4,200 sq ft at the scheme.
The next phase of the town’s redevelopment is due to start this month with £950,000 of funding secured from the Thames Valley Berkshire Local Enterprise Partnership to pave the way for the eagerly anticipated Deck development. The Deck will provide a new covered public space which will contain new shops, bars, restaurants, leisure, and entertainment facilities, to deliver a vibrant destination and add to Bracknell’s cultural appeal while also improving the town’s night-time offering.
The Lexicon is successfully combining innovative retail, placemaking and regeneration to enhance both Bracknell’s day and night-time economy, with Sports Direct now joining a strong retail daytime offering while The Deck is set to become the next important step in making the town centre ‘The’ new regional place to be in the evening.
Harry Pickering, Head of UK Retail at Schroders, comments: “This is another important milestone for Bracknell’s regeneration that will help further diversify the local tenant mix, despite the austere retail market conditions over the past year as a result of Covid-19. However, since opening in 2018 The Lexicon has continued to defy retail trends and keeps going from strength to strength. The latest signing of Sports Direct, in addition to The Real Greek and Crew Clothing in November, and earlier deals with Hollywood Bowl and The Botanist for the upcoming development of The Deck, show that brands are committed to the popular town centre as we look to plot a pathway to recovery after the pandemic subsides.”
James France, Head of Global Leasehold Properties at Frasers Group comments: “This new location in Bracknell demonstrates the Group’s confidence in our elevation strategy and commitment to opening premium retail destinations throughout the UK. Our new multi-fascia lifestyle stores offer customers the very-best sporting and lifestyle brands. The ongoing refurbishment of Princess Square and the addition of The Deck are real signals of intent from the developers of how they intend to cater to the wider Berkshire catchment, so we’re delighted to be moving into The Lexicon and join in this exciting project.”
The joint agents for The Lexicon, Bracknell are CBRE and Lunson Mitchenall.