£3.29m Crowngate acquisition as Wildwood joins Chapel Walk restaurant line-up

The Crown Estate has agreed to purchase the long leasehold interest to 35-40 Friary Walk, a 32,000 sq ft building in Worcester City Centre, for £3.29m from asset manager F&C Reit.


05 May 2015

Crowngate shopping centre, Worcester

We already hold the freehold rights to the building, which is occupied by New Look.

At the same time, Wildwood has become the latest leading restaurant operator to join Crowngate’s restaurant line-up after agreeing a lease for a 4,800 sq ft unit at the shopping centre’s Chapel Walk.

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”

Matthew Baddeley, Asset Manager

Since we started to enhance Chapel Walk’s catering offer in 2013, Crowngate has attracted a range of leading restaurants to create a vibrant, high quality dining and leisure experience which compliments the centre’s diverse retail offer.

When it opens in summer 2015 Wildwood will sit alongside the likes of Bill’s, Carluccio’s and The Green Room, all of which have been well received locally since their arrival.

Matthew Baddeley, Asset Manager said: “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.”

Jonny Plant at Wildwood added: “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”

Crowngate is Worcester's largest shopping centre comprising 59 retail units and four large stores providing 280,000 sq ft of retail accommodation. The shopping areas, situated in the heart of Worcester City centre across Friary Walk and Chapel Walk, were developed by The Crown Estate and opened in 1992. Tenants include leading high street names such as House of Fraser, Debenhams and The Body Shop, and more boutique retailers such as Jo Jo Maman Bebe and ladieswear specialist Halo.

In addition to the Crowngate Centre, we also own Exeter’s Princesshay shopping centre in partnership with TH Real Estate and are redeveloping the Westgate Centre in Oxford in partnership with Land Securities.

MMX Retail acted for The Crown Estate regarding the acquisition of 35-40 Friary Walk

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