£7m extension for Serpentine Green
Published: 01 November, 2016
British Land signs Next and M&S Foodhall as extension begins on site
British Land has agreed two lettings at Serpentine Green, Peterborough totalling 22,000 sq ft as part of a £7m extension that commenced this month. The extension will deliver three new units totalling 25,000 sq ft including mezzanine space.
Fashion retailer Next will move from its current unit to a newly constructed 10,000-sq ft store on a ten-year lease. The new space, which includes a mezzanine floor and is due for completion in summer 2017, will be situated at the front of the scheme where British Land has enhanced the public realm. M&S Foodhall will move into Next’s former unit which is to be extended.
The extension marks the first stage in the asset’s repositioning since British Land took full ownership of the scheme. It is also the first major redevelopment at the centre since it was built in 1998.
Serpentine Green provides 320,000 sq ft of retail and food and beverage space and attracts more than 5.5 million visitors per year. Retailers include River Island, Clarks, Next, Boots, H&M, Outfit, New Look, Next and a 130,000 sq ft Tesco Extra store.
Adam Poole, asset manager for British Land, said: “The extension marks an important next phase for Serpentine Green as we strive to develop destinations of choice which serve a range of shopper missions. The development will deliver an enhanced line-up to enable the centre to continue to meet the changing needs of the modern consumer both today and in the future.”