McArthurGlen embarks on £160m joint venture in Cannock
Designer outlet operator McArthurGlen is embarking on a joint venture with U+I, Rioja Developments, Aviva Investors and The Richardson Family to develop a new designer outlet in Cannock, near Birmingham.
U+I and Rioja Developments secured planning approval for Cannock Designer Outlet from Cannock Chase District Council in September last year. The joint venture will see a combined investment of more than £160 million in the project.
Gary Bond, joint managing director of development at McArthurGlen, said: “We are delighted to announce what will be the group’s twenty sixth centre and our seventh in the UK, and we look forward to working with our joint venture partners U+I, Aviva and The Richardson Family. The new centre will sit within a rapidly growing portfolio which currently has an active development pipeline of 150,000 square metres.”
The project will be developed and built by McArthurGlen, U+I and Rioja Developments, and will be managed by McArthurGlen on completion.
Construction of the first phase of the scheme will begin in the early part of 2018 with the opening planned for spring 2020. There will be space for 80 stores, a range of restaurants, a children’s play area and 1,400 parking spaces.
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