Australian investor takes 50 per cent stake in 640,000 sq ft Golden Square project
Australian-based developer Lend Lease has bought a 50 per cent stake in the Golden Square shopping centre in Warrington, Cheshire, where consent exists for a 330,000 sq ft (30,655 sq m) extension that will more than double the size of the mall.
The other 50 per cent is owned by the Performance Shopping Centre Partnership, made up of Legal & General Life Fund and Arlington Property Investors. They plan to turn Golden Square into a new regional shopping centre for the Northwest.
Warrington Borough Council granted consent in June 2003 for a further 330,000 sq ft of retail space, anchored by a 130,000 sq ft (12,075) Debenhams department store and 60 shops. The existing mall provides 310,000 sq ft (28,800 sq m) of retail space with Marks & Spencer, BhS and Next as anchor tenants.
Construction is due to begin in March. Lend Lease was already development manager and will now become the asset and property manager for the project after investing£20 million to take equity in the scheme.
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