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Project developer Legal & General Investment Management Real Assets says that it has partnered with ‘a major international investor’ to drive forward its Eastbourne scheme.
The injection of capital will enhance the existing Arndale Shopping centre as well as kick-start the scheme’s £85m retail and leisure extension, contributing to the wider regeneration of the local area in collaboration with Eastbourne Borough Council.
The 175,000 sq ft extension, which includes the demolition of buildings to the west of the Arndale Centre, will bring an additional 22 new retail units, approximately 300 extra car parking spaces, seven restaurants and a nine-screen cinema to Eastbourne town centre.
Kier has begun construction works and completion is expected in autumn 2018.
This latest award builds on Kier’s role in the Arndale Centre extension. In 2015, Kier was appointed to deliver phase one of the scheme, a glass atrium at the Centre’s west entrance.
James Whitehill, senior fund manager at LGIM Real Assets, said: “This injection of international capital by a key investment partner, alongside Legal & General’s existing ownership and investment, ensures the further strengthening of an already dominant retail destination. We have already secured a host of excellent retailers for the extension to include a major cinema operator as well as many popular restaurants in a boost to both the town’s day time and night time economy.”
Eastbourne Borough Council leader David Tutt added: "I am delighted with the confidence that this private investment demonstrates in the future of our town. The Council will continue to work closely with the developer to ensure the success of this important project. This, together with the transformation of the Devonshire Park, plans for a new swimming pool and fresh employment opportunities at Sovereign Harbour, demonstrate how Eastbourne is bucking the trend in a period of austerity."
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