Crest Nicholson Regeneration - Mixed-Use Development - Camberley, £130m Camberley Scheme Funded by Standard Life
Date: 04 Oct 2006
Crest Nicholson Regeneration is shortly to start work on The Atrium, its £130 million mixed-use scheme in Camberley town centre, with more than 50% of the commercial element already committed to tenants.
Standard Life Investments is providing financial backing for the commercial element of the scheme, funding it from the £3.5 billion Pooled Property Pension Fund, the UK's largest, and its Unit Linked Life Fund.
The Atrium is a joint venture between Crest Nicholson Regeneration and Surrey Heath Borough Council. It combines 247,000 sq ft (22,947 sq m) of integrated town centre retail and leisure space with 217 one and two bed apartments totalling 107,000 sq ft (9,941 sq m).
Works will start within the next fortnight and the first retail units are expected to open in time for Christmas 2007 and the prelets include:
* Vue has signed as the main leisure anchor, taking 35,545 sq ft (3,302 sq m) for a 9-screen cinema on a 25-year lease.
* Bowlplex has signed as the bowling operator, taking a 29,000 sq ft (2,694 sq m) unit for a 22-lane bowling venue, on a 25-year lease.
* Next has taken a total of 14,700 sq ft (1,366 sq m) trading over ground, first and second floors on a 15-year lease. Next is upgrading substantially from its existing 3,500 sq ft (325 sq m) shop in the town to relocate to The Atrium.
* Virgin has taken a 7,240 sq ft (673 sq m) unit on a 15-year lease reflecting a Zone A of £136.
* The Restaurant Group has taken two restaurant units:
3,900 sq ft (362 sq m) on a 25-year lease for a Chiquito restaurant.
3,900 sq ft (362 sq m) on a 25-year lease for a Frankie & Benny's restaurant.
In addition:
* Café Rouge has agreed to take 2,811 sq ft (261 sq m) unit on a 25-year lease.
* Nando's has agreed to take 2,811 sq ft (261 sq m) on a 25-year lease.
At the same time, Crest Nicholson Regeneration has a further 30,000 sq ft (2,787 sq m) of lettings are in solicitors' hands, including deals with a high street sportswear retailer, a coffee shop operator and a children's entertainment centre.
The Atrium includes more than 118,000 sq ft (10,962 sq m) of new retail space targeted at fashion, music, sports and lifestyle brands. The shops comprise 17 two-storey retail units on Park Street facing The Mall Main Square Camberley, the Army & Navy (House of Fraser) department store and Primark. Park Street itself will be pedestrianised as part of the development to allow easy footflow between these two core retail areas.
The scheme also incorporates a total of 129,302 sq ft (12,012 sq m) leisure and restaurant accommodation, comprising nine café and restaurant units as well as the 13,800 sq ft (1,282 sq m) children's entertainment unit in addition to the cinema, bowling and a health and fitness unit. Almost all the leisure space will be accessed from the triple height glazed atrium that gives the scheme its name.
A 680-space public car park is situated above the bowling, with access to and from the atrium area by means of escalators and lifts. Park Street will be repaved with new street furniture; there will be new landscaping at the other side of the scheme close to Charles Street and public access throughout.
The Atrium also includes 217 one and two bed apartments that will be developed by Crest Nicholson Regeneration. Of these, 55 shared ownership apartments have been forward sold to Thames Valley Housing Association. The remaining units, which are immediately adjacent to the retail and leisure areas, will be developed by Crest Nicholson Regeneration for private sale as three distinct elements: Centro, Aspect and The Courtyard.
Martin Mortimer, Development Director of Crest Nicholson Regeneration, said:
"To have more than half the development committed to a range of blue chip tenants as work begins on site is a fantastic start.
"From a retail perspective, the combination of units we are developing will strengthen Camberley's retail offer and provide the larger units that are not currently available in the town. At the same time, the leisure and restaurant element fulfils local demand for high quality, family entertainment and dining in an attractive and accessible town centre location.
"As well as this important first tranche of lettings we are seeing significant interest for the remaining shops and restaurants units."
Mike Hannigan, Pooled Property Pension Fund Investment Director at Standard Life Investments, added:
"We are delighted to be funding this innovative scheme and to be working with Crest Nicholson Regeneration and Surrey Heath Borough Council. Camberley is an affluent area of the South East that has, to date, suffered from an under provision of good quality leisure and retail facilities so I am not surprised that we have already reached agreement with three key leisure operators and a significant number of retailers and restaurant operators who want to be part of this scheme. I believe that during the course of the construction programme pre-letting of the remaining retail units will continue to be very strong."
Colliers CRE and Montagu Evans are joint commercial letting agents for The Atrium. Colliers CRE represented Crest Nicholson Regeneration on the funding agreement and Montagu Evans represented Standard Life Investments. Drivers Jonas represented Surrey Heath Borough Council. Romans New Homes is marketing the apartments. The scheme was designed by DLG Architects and Laing O'Rourke has been appointed main contractor for the building works.
Vue was represented by Insight Retail Consulting. Cowling and West represented Bowlplex. The Restaurant Group were represented by Edgerley Simpson Howe & Partners Café Rouge was represented by Teague & Capital Ltd and Nando's was represented by Paul Benjamin Associates. Next and Virgin were unrepresented.
Artist's impression of the finished Atrium development in Camberley
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