The Crown Estate is poised to embark on a £150 million extension to Leicester shopping destination Fosse Park, after reaching a conditional agreement to buy the 12.5 acre Castle Acres site.
The purchase of the site is subject to Blaby District Council approving a recently submitted planning application from The Crown Estate, Next and Everards, for a 150,000 sq ft retail and leisure development incorporating approximately 26 units.
The scheme will be anchored by a three-storey Next Fashion, Home and Garden store and, along with other retailers, will also feature a number of restaurants and cafés. Accessible links will allow shoppers to travel between the new site and the existing Fosse Park facilities.
It is estimated that the scheme will create around 1,100 jobs and hundreds more during construction.
Hannah Milne, Head of The Crown Estate’s Regional Portfolio, said: “This key strategic acquisition unlocks opportunities for further investment to enhance Fosse Park’s position as a truly best in class asset, providing visitors with one of the best shopping experiences in the UK.
“We look forward to working with Next and other key local partners like Blaby District Council and Leicester City Council to bring forward this exciting new development for the local area.”
Speaking on Behalf of Everards Brewery, Managing Director Stephen Gould said the extension of Fosse Park would allow the company to fulfil its ambition to create a state-of-the-art food and drink park which would boost employment and growth in Leicestershire.
Dominic O’Rourke, Property Director at Next, added that the scheme would enable the company to combine its existing outlets in a new landmark store enhancing their offer at Fosse Park.
The Crown Estate acquired Fosse Park in a 50/50 joint venture with Gingko Tree Investment Ltd for £345.5 million last summer. The agreement to purchase the Castle Acres site extends this partnership.
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