Monday, September 27, 2021

Castle Acres sale opens up £150m Fosse Park extension

The owner of Fosse Park, The Crown Estate, has reached a conditional agreement to buy the 12.5 acre Castle Acres site in Leicester to progress a major extension to the one of UK’s most successful shopping parks.

The Crown Estate, Next and Everards recently submitted a joint application to Blaby District Council which involves transforming the Castle Acres site into a 150,000 sq ft retail and leisure development, incorporating accommodation for around 26 new shops, restaurants and cafés with accessible links so shoppers can travel between the new facilities and Fosse Park. Next has already confirmed that a landmark Next Fashion, Home and Garden store will feature as an anchor tenant within the scheme. The scheme would 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.” Stephen Gould, managing director of Everards Brewery said: “This is an important step not only for The Crown Estate’s plans to extend Fosse Shopping Park, but also for Everards’ aspirations to create a new state-of-the-art food and drink park. The sale of the Castle Acres site will allow us to reinvest in our business, reaffirming our commitment to creating jobs and growth in Leicestershire.”Dominic O’Rourke, property director at Next said: “The extension of Fosse Park will allow us to combine our existing stores to create a new, three storey landmark store. Following a successful period of public consultation, we look forward to working with The Crown Estate to further enhance Next’s offer at Fosse Park.”The site purchase and funding of the new development is conditional upon planning permission being granted by the local authority.

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