The Crown Estate has announced that it has agreed to purchase the long leasehold interest to 35-40 Friary Walk, a 32,000 sq ft retail property in Worcester’s Crowngate Shopping Centre.
The Crown Estate already owns the freehold rights to the building, which is occupied by New Look, but has now paid £3.29 million to asset manager F&C Reit for the leasehold.
At the same time it has been confirmed that restaurant operator Wildwood has joined the occupier line-up at Crowngate after agreeing terms on a lease for a 4,800 sq ft unit on Chapel Walk.
Wildwood will join other big names such as Carluccio’s, The Green Room and Bill’s when it takes up residence this summer, in an area of Crowngate which has benefited from an enhanced catering offer since 2013.
Chief executive officer at Wildwood, Jonny Plant, expressed his excitement at introducing the brand to a new consumer pool in Worcester.
He said; “We are pleased to be opening in Worcester’s Crowngate Centre, which has over the last two years established itself as a top destination for high quality dining in the region.
“Our main goal wherever we work is to provide great food, in a relaxed, welcoming environment and we are looking forward to bringing that philosophy to Worcester.
“We will be particularly focused on the all-day offer and will be introducing daily specials including a selection of salads, freshly baked breads and exclusively imported products for the deli takeaway or restaurant dining experience.”
The Crowngate Shopping Centre was developed by The Crown Estate in 1992, encompassing Friary Walk and Chapel Walk, and is the largest retail destination in Worcester. It boasts an exceptionally strong tenant mix across its 280,000 sq ft of shopping space, including House of Fraser, Debenhams, The Body Shop and a number of independent boutique brands.
Asset manager at The Crown Estate, Matthew Baddeley, says; “We know that shoppers want more than just a functional shopping experience, which is why we’ve been working hard in Worcester to develop a high quality catering offer, bringing leading operators like Wildwood to Crowngate.
“Enhancing the retail and leisure mix is a key part of our strategy for the shopping centre, but we’re also thinking about the longer term and purchasing the New Look building will ensure we have the right property ownerships in place to continue to deliver improvement programmes in the future.”
