30th Sep 2014 06:59
LONDON (Alliance News) - British Land Co PLC said Tuesday that it has signed an agreement with Plymouth City Council to develop Drake Circus Leisure, a 100,000 square foot leisure scheme next to its 570,000 square foot Drake Circus Shopping Centre in the city centre of Plymouth.
The real estate company said the GBP40 million development will include a 12 screen cinema operated by Cineworld Group PLC, 13 restaurant units and 450 car park spaces.
The site currently houses a coach station which will be relocated, said British Land.
The development will complement Drake Circus Shopping Centre, broadening its appeal, said the FTSE 100-listed company, in order to establish it as an evening destination and and also extend its trading hours.
Since its acquisition by British Land in 2011, Drake Circus has attracted a range of new brands, including Apple, Fat Face and Yo! Sushi. 10,000 square feet of lettings were agreed recently, bringing occupancy to 100%.
"Plymouth has a very strong local catchment, and a vibrant and successful city centre, which will be further enhanced by our investment. The proposed leisure scheme creates an opportunity to take Drake Circus to the next level, and with a number of new brands added, is a very strong example of our strategy to create Places People Prefer," said Retail Development Director for British Land, David Pollock.
Corstorphine + Wright is the architect and Wareing & Partners is the letting agent for Drake Circus Leisure.
By Alice Attwood; [email protected]; @AliceAtAlliance
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