British Land Whiteley development is 50% let
Lettings at the new Whiteley Village shopping centre in Hampshire have now reached 50% says British Land.
The property company and Universities Superannuation Scheme Limited (USS) are investing £64 million in the development which is set to open in spring 2013. It will include over 50 units totalling 242,000 sq ft of retail space, as well as restaurants, cafés and 1,136 free car park spaces.
The centre will be anchored by Marks & Spencer and Next. Other pre-lets include H&M, Boots, JD Sports, Bank, and Sports Direct.
Designed by architects Corstophine and Wright, the centre will serve a catchment of 1.2 million people with an estimated potential spend of £3.1 billion. Situated between Portsmouth and Southampton, the catchment is set to expand further with 3,000 new homes planned for North Whiteley.
Charles Maudsley, head of retail for British Land, said: “Whiteley has the success factors we look for in all our schemes: dominance and accessibility; affordability; good unit configuration and flexibility; and an excellent overall shopping environment.
“British Land will concentrate on developing mid-sized, urban retail schemes like Whiteley and leveraging our ability, experience and financial strength to create incremental value. We have the right strategy to develop successfully and exploit future demand for the right space.”
Enabling works are currently nearing completion with main construction scheduled to begin on site in early 2012.
