LaSalle IM adds four to Somerset retail park

By Paul Norman - Tuesday, March 06, 2018 14:29

LaSalle Investment Management has agreed four lettings including an M&S Foodhall at Bridgwater Retail Park, Somerset.

The retail park is being redeveloped following four years of planning work.

In addition to the M&S Foodhall Unit, Home Bargains and Food Warehouse have taken 20,000 sq ft and 13,250 sq ft respectively, while Lidl will relocate from its current store into a larger 27,500 sq ft unit. The development will create an additional 320 car spaces.

LaSalle bought the retail park in 2014, which included an additional 1.65-acre vacant site with consent for a 15,000 sq ft food store. The development of the park now includes an adjacent vacant 4.7-acre development site which LaSalle has recently acquired, and which is where Lidl, Home Bargains and Food Warehouse will be located.

The remodeling of Bridgwater Retail Park is planned to include the creation of retail and restaurant units in the location of existing Lidl building. The development proposals include an upgrade of the highways around the park and the construction of a link road to The Drove, as well as the provision of a roundabout on The Leggar.

Work is underway on the M&S Foodhall unit which is due to be open by Mid-summer 2018. The highways work commenced on site in Mid-January and are scheduled to be completed by late summer with the majority of the retail units, including the Lidl, completed by the Autumn to allow for Christmas openings. The second phase of works on the retail park will commence in January 2019 with the new restaurants due to open by Autumn 2019.

Andrew Bolitho, Asset Manager at LaSalle Investment Management: “The acquisition strategy was to develop the original retail park to ensure that its offering better reflects the local residents’ needs whilst also working with the council on plans to ease local traffic congestion. We should acknowledge at this point the positive and constructive approach by Sedgemoor District Council throughout the process which has helped to progress this exciting project to this stage. The agreement of these four significant lettings demonstrates the demand for speculative retail units in the area and signals the next phase of our development plans.”

Claire Pearce, Strategy & Development Group Manager at Sedgemoor District Council said: “Sedgemoor District Council is delighted that work has commenced on the redevelopment and expansion of the Bridgwater Retail Park. The delivery of the Leggar Link has also been a long-held corporate priority and will deliver long awaited enhancements to the traffic flow around this area of Bridgwater. We are glad to note the return of the M&S brand to the town alongside the expansion of Lidl and the additional contracts in place. This is another positive reflection of the opportunities which currently exist in the town for businesses and the community, through important investment.”

pnorman@costar.co.uk

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