Event Detail : 06 December 2005
£225m Princesshay Re-Development
Talk from Graham Thompson - Land Securities
Work is currently underway in Exeter to build Princesshay- the city centre's exciting new 530,000 sqft shopping and residential development, due for completion autumn 2007.
The £225 million Princesshay development represents the biggest single investment in regeneration in Exeter’s history and developer Land Securities, in partnership with Exeter City Council, will deliver a unique and vibrant city centre development that will substantially benefit Exeter and enhance its reputation as the region’s capital city.
There will be approximately 390,000 sq ft of retail within the Princesshay development, including an anchor Debenhams department store and over 60 new independent shops and restaurants and popular High Street brands.
Retailer demand for units in Princesshay is proving very strong, with an impressive 57% of the development already let by income (over 70% by area). The ever expanding list, of new retailers to the city, includes Spanish fashion giant Zara, fashion retailer Morgan, and restaurants Wagamama, Strada, Nandos and La Tasca. In addition, retailers Next, Top Shop/Top Man, Clinton Cards and Virgin Megastore have opted to expand their current operations in the city and open stores in Princesshay.
The design philosophy of the new scheme is, not to build a closed in mall in the middle of the city but, to integrate the scheme by creating a series of pedestrian friendly streets and squares that interconnect with the city’s other shopping areas and places of interest.
The three teams of leading internationally acclaimed architects, Chapman Taylor, Wilkinson Eyre and Panter Hudspith, responsible for the scheme have been careful to create a design that respects the development's heritage centre setting and the city's rich architectural history. As a result, the scheme will open up fresh views of the Cathedral and create improved settings for the city's ancient monuments - the medieval Almshouses and the City Wall. There will also be a new Heritage Centre (providing access to the Underground Passages).
On completion, Princesshay will also feature attractive landscaped urban areas, a 277 space car park, a new Tourist Information Centre and over 120 1,2 and 3 bedroom apartments situated throughout the development. The first phase of properties in Princesshay, located in the former Lloyds TSB building in Bedford Street, were released in February and proved a huge success with buyers, selling within 30 minutes of being released.
Although the development is not due to be fully open until autumn 2007, many of Princesshay’s exciting new shops and restaurants in Bedford Street will be open as early as next summer.
For more information about Princesshay, Exeter residents and visitors are invited to visit the Princesshay Information Centre in the High Street, between Gap and Dorothy Perkins, or view the website at www.princesshay.com
Key findings from the detailed evaluation of Market potential in Exeter, prepared by CACI Property Consulting, on behalf of Land Securities Group PLC
· CACI’s Retail Footprint model shows that Exeter has an extensive retail catchment which contains 1,122,337 residents.
· CACI predict that following redevelopment of Princesshay, Exeter will increase its catchment penetration from 20% to 26%. This extensive retail catchment area stretches from Plymouth in the west to Yeovil in the east. The comparison goods expenditure potential of the city will grow (in 2005 prices) by 30% from £528 million per annum to £684 million per annum.
· This increased market potential strengthens the position of Exeter within CACI’s ranking of UK comparison goods centres, elevating the city 5 places to 34th.
· Exeter receives substantial seasonal expenditure. CACI estimate that the presence of tourist attractions, accommodation and the historic environment attract further retail expenditure of £48 million and lift Exeter to 32nd place in CACI’s rankings.
· Exeter’s shoppers are fairly typical of the South West, with stronger concentrations of Affluent Greys and Settled Families than Great Britain, balanced by weaker concentrations of disadvantaged lifestyles.
· The city has a good concentration of Wealthy Executives, Flourishing Families, Prosperous Professionals, Secure Families and Settled Suburbia. The shopper profile is very similar to Norwich, York, Colchester and Southampton, suggesting opportunities for a wide range of occupiers.
· Exeter offers particularly strong opportunities in the Jewellery, Leather and Travel Goods, Toys and Hobbies, Soft Furnishings, Glass and Tableware, Furniture and DIY categories, where average household expenditure is above national levels. There are also significant opportunities for clothing and footwear, convenience and leisure operators as CACI have identified under provision in these sectors. With additional shoppers attracted to the city, following the completion of Princesshay, this suggests significant opportunities for occupiers serving these sectors to achieve strong levels of performance.
· Overall, the Princesshay redevelopment will significantly improve the quality of the retail provision in Exeter. New entrants will address a number of shortfalls in the city’s offer and the scheme will largely replace provision that has ceased to contribute to the attractiveness of Exeter. CACI’s scenario modelling suggests strong potential for the city to climb the Retail Rankings and for Princesshay to be amongst the best performing schemes in the current national retail development pipeline.