British Land has signed an agreement with Plymouth City Council to develop Drake Circus Leisure, a circa 100,000 sq ft leisure scheme next to its 570,000 sq ft Drake Circus Shopping Centre in Plymouth city centre.
The £40 million development will include a 12 screen cinema operated by Cineworld, 13 restaurant units and 450 car park spaces. The site currently houses a coach station which will be relocated.
A detailed planning application for the scheme is now being developed and will be submitted in early 2015.
The leisure development will complement Drake Circus Shopping Centre, broadening its appeal, establishing it as an evening destination and extending its trading hours. Since its acquisition by British Land in 2011, Drake Circus has successfully attracted a range of brands, including Apple, Fat Face and Yo! Sushi. 10,000 sq ft of lettings were agreed recently adding new brands such as schuh Kids, Boux Avenue, Regus Express and Ed’s Easy Diner, and bringing occupancy to 100%.
David Pollock, Retail Development Director for British Land, said: “Plymouth has a very strong local catchment, and a vibrant and successful city centre, which will be further enhanced by our investment. The proposed leisure scheme creates an opportunity to take Drake Circus to the next level, and with a number of new brands added, is a very strong example of our strategy to create Places People Prefer. We are delighted to be working with Plymouth City Council on this project to establish Drake Circus as the West Country’s retail and leisure destination of choice.”
Plymouth has a large and affluent catchment of 560,000 people and benefits from a thriving tourist trade which welcomes 3.4 million visitors annually. The catchment has a comparison goods spend of £1.4 billion and £103 million catering spend potential.