The Grafton set for major revamp as developer increases investment
The owner of The Grafton in Cambridge has decided to invest £10 million more in the refurbishment of the centre, as Phase 1 nears completion delivering a new entrance, lighting and double height shop fronts.
Legal and General said the increase will take its total investment in the centre to £28 million. The refurbishment programme was launched in May 2016 and is expected to be complete in the first quarter of 2018, delivering new retail units and anchor opportunities and improving the shopping environment throughout.
The additional £10 million will be used to reconfigure the former BHS unit to create new retail space, as well as introducing a new food quarter. The 500,000 sq ft shopping centre could be also getting its own gym, said a press release.
Phase 1 completes this September, delivering a new Fitzroy Street entrance featuring a double height glazed frontage, allowing natural light into the mall. Sports retailer Decathlon opened near the Fitzroy Street entrance in June, and said sales have been 10% above ambitious targets. This is Decathlon’s first store in Cambridge.
“Refurbishment works to The Grafton continue to progress well and we have had encouraging feedback on the newly re-opened Fitzroy Street entrance,” said Tom Williams, Senior Asset Manager at Legal & General.
“The refurbishment has already initiated some very positive conversations with a number of new brands. We’re looking forward to the centre further evolving over the coming months and in particular the reconfiguration of the former BHS, a key aspect of the refurbishment programme.”
The Grafton is currently anchored by Debenhams, Boots, H&M, Topshop and Next, and is home to over 80 retailers including Quiz, River Island, Oasis, Mothercare, Deichmann and Clarks.
The revamp is expected to attract new retailers, improve the visitor experience and boost footfall.
Copyright © 2022 FashionNetwork.com All rights reserved.