Capital & Regional plc Planning granted for Walthamstow development (8834Y)
August 28 2018 - 2:00AM
UK Regulatory
TIDMCAL
RNS Number : 8834Y
Capital & Regional plc
28 August 2018
28 August 2018
CAPITAL & REGIONAL PLC ("Capital & Regional" or "the
Company")
UK company number 01399411
LSE share code: CAL
ISIN: GB0001741544
LEI: 21380097W74N9OYF5Z25
Capital & Regional receives formal planning consent for
Walthamstow development
Capital & Regional plc (LSE: CAL), the UK focused REIT with
a portfolio of dominant in-town community shopping centres,
announces that it has received formal consent for its extension and
development plans at The Mall Walthamstow.
The approved plans, which will transform Walthamstow town centre
with The Mall at its heart, include:
-- An 86,000 sq ft extension to the existing shopping centre;
-- Up to 500 new residential homes, including affordable housing;
-- TFL making a significant infrastructure investment and
upgrade to Walthamstow Central Station including a new second
entrance within the extended Mall; and
-- An enhanced new town square, children's play area, landscaped
park gardens and family amenities.
The extension to The Mall Walthamstow will provide additional
space to support the ongoing implementation of the Company's
remerchandising strategy to further diversify the uses and tenant
mix of its malls, each individually tailored to its local
community. At Walthamstow this will include an additional grocery
anchor other convenience provision as well as 'grab and go' and
casual dining, which will all be customised to the locality.
The works, which are expected to commence in 2020, will build on
the significant improvements that Capital & Regional has
already delivered at the scheme, including a full refurbishment of
the shopping centre, and the addition of new brands including Lidl,
Walthamstow's first Pret and The Gym, which have all had highly
successful openings at the shopping centre over recent months,
attracted by the affordability of the space as well as the positive
footfall growth which significantly outperforms the national
average.
The Company will be looking at funding options in further detail
as the detailed planning application for the residential tower is
brought forward.
Lawrence Hutchings, Chief Executive at Capital & Regional,
commented: "Our vision for Walthamstow has been developed
hand-in-hand with the council and residents and we have tailored
the mix of homes, leisure uses, services and amenities to meet the
needs of the local community.
"This will be transformational for Walthamstow and underlines
our position at the heart of the community, both in terms of how we
are supporting the improvement of the wider public realm and
amenities, including Transport for London's plans for the
underground station, but also in terms of how we are able to
provide relevant goods and services for the people we serve. All of
this will ensure Walthamstow remains a vibrant neighbourhood for
generations to come, underpinning the resilience of The Mall, our
positive footfall growth and, ultimately, our income profile."
- ENDS -
For further information:
Capital & Regional: Tel: 020 7932 8000
Lawrence Hutchings, Chief Executive
FTI Consulting: Tel: 020 3727 1000
Richard Sunderland
Claire Turvey
capreg@fticonsulting.com
Notes to editors:
About Capital & Regional plc
Capital & Regional is a UK focused retail property REIT
specialising in shopping centres that dominate their catchment,
serving the non-discretionary and value orientated needs of the
local communities. It has a strong track record of delivering value
enhancing retail and leisure asset management opportunities across
a c. GBP1 billion portfolio of in-town shopping centres. Capital
& Regional is listed on the main market of the London Stock
Exchange and has a secondary listing on the Johannesburg Stock
Exchange.
Capital & Regional owns seven shopping centres in Blackburn,
Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood
Green. It also has a 20% joint venture interest in the Kingfisher
Centre in Redditch. Capital & Regional manages these assets
through its in-house expert property and asset management
platform.
For further information see capreg.com.
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END
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