F&C REIT Asset Management has secured land and local council approval to build a new leisure development at Grimsby shopping centre in the northeast of England.
F&C REIT Asset Management has secured land and local council approval to build a new leisure development at Grimsby shopping centre in the northeast of England.
The plans for the multi-million pound development at Freshney Place shopping centre in Grimsby feature an 8- to 10-screen multiplex cinema and a variety of restaurant operators, designed to improve the shopper experience and enable the centre to increase its appeal and trading hours.
F&C REIT acquired Freshney Place from property development and investment firm Grosvenor last year as part of a club deal totalling nearly £250 mln (€301.2 mln). Since then the firm had been exploring various income and value-enhancing asset management initiatives.
The 46,450 m2 centre was built in two phases, initially in 1968 as The Riverhead Centre, before being extended in 1989, when the centre doubled in size and was renamed Freshney Place.
Grimsby is a large town and seaport in North East Lincolnshire situated on the South Bank of the Humber Estuary close to where it reaches the North Sea.
Chris Shaw, leader of North East Lincolnshire Council, said the proposed redevelopment would complement the council’s £6 mln transformation of the town centre that was currently underway.
'Releasing this land will act as a catalyst to stimulate more investment, generate economic growth and ultimately create more jobs. It will help us fulfil our ambitions to make the most of the town centre and create an environment for residents and visitors to enjoy and businesses to flourish,' he said.
Leslie Jones Architecture and Savills Building Surveying have been appointed to the project along with lettings agents Barker Proudlove and Jackson Criss.
Ray James, asset manager at F&C REIT, confirmed that talks were at a detailed stage with several operators interested in the site, and praised the pro-active approach of NELC in freeing up the land.
He added: 'This development is a very important step forward in unleashing the potential of Freshney Place. The development will strengthen our portfolio and provide a strong revenue stream, as well as reinforcing the shopping centre as the region’s premium shopping and leisure destination.'
