Kier is set to start work on a major extension of Eastbourne’s Arndale shopping centre after a funding deal.
Developer L&G has partnered with an international investor to fund the next phase of the retail and leisure scheme. Kier has already delivered the first £2m phase of the extension to create a contemporary glass atrium at the Centre’s West Entrance and new facades to the Terminus Road frontage.
The latest funding deal bolsters plans for the main 175,000 sq ft extension. This will see demolition of buildings to the west of the Centre along Terminus Road to make way for an extra 22 shops, 300 extra car parking spaces, seven restaurants and a nine-screen cinema.
The town centre scheme is expected to complete in autumn 2018.
James Whitehill 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.”