25th Jul 2005 07:00
Capital & Regional plc25 July 2005 25 July 2005 CAPITAL & REGIONAL PLC: NEW RETAILERS AT THE JUNCTION HULL Capital & Regional plc, the co-investing property asset manager, today announcesthat its Retail Park Fund, The Junction, is delighted to announce eight newnational retailers for its £45 million Phase Three regeneration at The Junction,St Andrew's Quay Retail Park, Hull. Work is currently underway for Phase Three,which when completed will add a further 137,000sq ft of retail and leisure spaceto the existing 190,000sq ft retail park. New retailers include Currys, Miller Brothers, PC World, Barker and Stonehouse,Pets At Home, Pizza Hut and Frankie & Benny's. The first two units of Phase Three opened recently with Currys occupying a35,000sq ft unit and Miller Brothers occupying a 12,500sq ft unit. Furtherretail units are due to complete in September 2005. PC World has taken a15,000sq ft unit on a 15-year lease at £22.50 psf and Barker and Stonehouse hasagreed to a 25-year lease at £18 psf on a 20,000sq ft unit. Pets At Home,trading from an 8,000sq ft unit, has signed a 20-year lease at £20 psf. Pizza Hut and Frankie and Bennys are set to occupy units of 3,200sq ft and 3,500sq ft respectively, based upon 25-year leases at £25 psf. A further phase will include the revitalisation of the former dock basin at StAndrews Quay, which has remained derelict since the late 1970s, to create inexcess of 200 residential units and a trawler men's memorial garden. The LordLine building, once serving as a beacon for returning ships, is an essentialelement of Hull's heritage, and as such, will be retained with a view toconsidering its future use. Andrew Lewis-Pratt, CEO of The Junction comments, "We are pleased that Currysand Miller Brothers are both now open and trading successfully, and thecommitment of other national retail and restaurant operators, such as PC Worldand Frankie & Benny's, further unlocks the potential of this excitingregeneration scheme." This Phase of the development is adjacent to the existing 190,000 sq ft retailpark, which opened its doors to the public in April 2003. Tenants include B&Q,Halfords, SCS, Comet, DFS, Makro, Carpetright, Klaussner, Land of Leather,McDonalds, Starbucks, Jessops, Carphone Warehouse and Subway. The retail park islocated adjacent to the A63 and next to the River Humber. Notes to editors: About The Junction The Junction owns and operates a £1.2 billion destination retail park portfolio,which includes 19 prime retail parks located throughout the UK. Capital &Regional and Morley Fund Management set up The Junction in 2002. For further information visit: www.thejunction-uk.com About Capital & Regional plc Capital & Regional is the co-investing asset manager which specialises in towncentre shopping centres, out of town retail parks, and urban entertainmentcomplexes. Capital & Regional founded the Mall and Junction Funds in conjunction withMorley Fund Management. It also founded the X-Leisure fund with HermesInvestment Management Limited, and has a number of other joint ventures anddevelopments. Its shares are quoted on the London Stock Exchange. For further information see www.capreg.com About Morley Fund Management Morley Fund Management ('Morley') is a London based, asset management businesswith over £128 billion under management. The property team manages in excess of£15 billion of UK and European property assets, making Morley one of the largestproperty fund managers in the UK. Winners of the high profile Property Week FundManager of the Year Award 2004 and the UK Pensions Awards Property Fund Managerof the Year 2005, the team consists of 60 investment professionals and manages arange of funds on behalf of institutional, pension and retail clients. Morleyhas been at the forefront of innovation in property fund management and haslaunched thirteen specialist sector based funds, including the Jersey-based UnitTrusts: Ashtenne Industrial Fund, Quercus Healthcare Property, The Junction andThe Mall. www.morleyproperty.com - ENDS - For further information: Capital & Regional: Martin Barber, Chief Executive Tel. 020 7932 8101 Redwood Consulting:Kate Hewson Tel: 020 7224 4300 gcg hudson sandlerMichael Sandler / James Benjamin Tel: 020 7796 4133 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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