Leading designer outlet owner, developer and manager McArthurGlen Group has announced a joint venture with U+I, Rioja Developments Limited, Aviva Investors on behalf of Aviva Life and Pensions and The Richardson Family to develop a new designer outlet in Cannock, 30 minutes from Birmingham, the UK’s largest regional city.
U+I and Rioja Developments secured planning approval for Cannock Designer Outlet from Cannock Chase District Council in September 2016 following local consultations. The establishment of the joint venture will see a combined investment of more than £160 mln (€181 mln) in the project, creating a 26,500 m2 development across two phases.
'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 m2,' said Gary Bond, joint managing director of development at McArthurGlen.
'We are delighted that after many years working on this project, we will be seeing it come to fruition in 2018. This is the best site in the West Midlands for a designer outlet village and the brand interest in the scheme has been phenomenal,' said Giles Membrey, managing director at Rioja Developments Limited.
The project will be developed and built by McArthurGlen, U+I and Rioja Developments, and will be managed by McArthurGlen upon completion.
Construction of Phase I, featuring over 80 stores plus restaurants and cafes, will begin in the early part of 2018 and should open in spring 2020.
'We are delighted to be working as development partner with McArthurGlen,' said Matthew Weiner, CEO at U+I Group Plc. 'The site’s location and potential are enormous and now that we have secured the planning consents, we are focussed on working with our partners to transform this site into a thriving community hub.'
