Egan Lawson - Egham, High Street

Date: 06 Oct 2009

Planning consent for a £35m town centre scheme in Egham.

Albemarle Egham LLP, advised by Egan Lawson, has won planning consent for a £35m town centre scheme in Egham, Surrey, to be occupied by Waitrose and Travelodge. Savills planning team advised Albemarle on the planning.

Runnymede Borough Council granted consent at the end of last week for the scheme on the car park of the Precinct shopping centre in Egham High Street which is to be undertaken by Liberty Properties, the joint venture partner of Albemarle Egham LLP.

Waitrose will take a 25,000 sq ft food store with 12,500 sq ft of ancillary space on a 20 year lease at about £700,000 per annum and Travelodge is to run a 80-bedroom hotel on a similar lease at £330,000 per annum.

Mark Church, director of Liberty Properties, said: "We have worked closely with Runnymede Borough council over the last 12 months and are delighted to have received planning consent. Waitrose will be an important addition to the retail offer in Egham and and Travelodge will provide much needed accommodation for local businesses and nearby tourist attractions such as Ascot Racecourse, Wentworth Golf Club and Windsor Castle."

Geoff Egan, managing director of Egan Lawson, said: "Our Albemarle syndicates continue to attract investment capital for projects of this quality with strong tenant covenants and we are currently pursuing additional opportunities."

Egham Albemarle LLP bought the Precinct from Hutley (Egham) LLP in 2006 for £12m which comprises 24 retail units totaling 31,671 sq ft. It is already producing a rental income of approximately £750,000.

The Albemarle syndicates were launched by Egan Lawson in 2001 to invest in commercial property across the the United Kingdom.

Since the first acquisition in 2002, approximately £350m has been invested in 16 syndicates.

Savills Planning Team advised the developer in winning planning consent for the scheme.

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