It’s a snip at £32.8m
5:30am Thursday 14th August 2014 in By Beren Cross, @BerenCross
STRONG interest is already being shown in taking on “the only modern leisure scheme in Swindon” at Regent Circus, which has been valued at £32.8m by its developers.
The town centre development has been put on the market by Ashfield Land with its eight-figure price tag, and already there have been expressions of interest from pension funds across the UK, according to director James Digby.
The buyer will be taking on a 97,0002 ft scheme, which includes a six-screen cinema, eight restaurants and a Morrisons supermarket.
Building work on the complex is expected to finish within the next couple of months. and it is due to open to the public early next year.
Property agency JLL is currently advertising the development, suggesting it will pull in more than £2m per year in income for any buyer.
The agent is marketing Regent Circus as “the only modern leisure scheme in Swindon”.
Mr Digby said: “Once the development is completed it will be sold on to one of the UK pension funds. There has been a lot of interest in the market, which is all very positive for Swindon.
“It shows how the market views what’s happening in Swindon and also the quality of the development, as well as the tenants already in place.”
Just one of the restaurant units remains to let – making the scheme more than 94 per cent pre-let.
The leisure part of the scheme is anchored by a 19,0002 ft digital cinema to be operated by Cineworld, the UK’s largest multiplex chain with 79 cinemas.
The remainder of the leisure space will be taken up by restaurants – signed up so far are Prezzo, Ask, Nando’s, Coal Grill and Bar, Jimmy’s World Grill & Bar and Gourmet Burger Kitchen.
This part of the scheme has its own 212-space car park.
In front of the scheme will be a plaza facing the town centre. Morrisons will have its own 238-space car park.
In the brochure, JLL said: “Currently, a significant proportion of the available leisure spend in and around Swindon migrates to more distant areas such as Bristol, Reading, Bath and Oxford.
“Regent Circus will not only retain these people in Swindon, but will also act as a draw from other affluent areas in its hinterland such as Marlborough, Hungerford and Malmesbury.
“Regent Circus will at long last give the affluent Swindon catchment the facilities it has been craving.”
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