Legal and General’s £28 million refurbishment programme of the 500,000 sq ft The Grafton in Cambridge has reached a key milestone, with Phase 1 having reached completion. Refurbishment works and reconfiguration of the retail space to create new units, attract new retailers, improve the visitor experience and increase footfall, began in May 2016 and are expected to complete in Q1 2018.
Owner LGIM Real Assets (Legal & General) has announced an increase in its investment in the refurbishment of The Grafton by approximately £10 million, taking their total investment to £28 million. The additional funds will go towards the two remaining phases of the project which involve the reconfiguration of the former BHS unit and the introduction of a new food quarter as well as other additional opportunities and initiatives identified, to provide further improvements to the centre including the introduction of a gym, a new food quarter and the creation of new units.
Phase 1 completes this September, delivering a striking new Fitzroy Street entrance featuring a double height glazed frontage, allowing natural light into the mall. The mall also benefits from new feature lighting and new double height shop fronts to some of the larger stores. Decathlon, one of the first new stores to join The Grafton, opened near the Fitzroy Street entrance in June. It’s Decathlon’s first in Cambridge and it has been trading very well, achieving sales figures 10% above ambitious targets.
Costa Coffee has signed to relocate to Central Court, almost doubling in size, to a new 1,600 sq ft unit. It will offer a new catering and seating area as part of Phase 2, which will create open spaces and feature an attractive new skylight and timber ceiling.
The final phase will see the reconfiguration of the former BHS unit, an important aspect of the centre’s transformation. Legal and General has recently signed a lease with a fashion occupier for the ground floor unit. It is currently undertaking necessary landlord works to hand it over to them as soon as possible.
Pure Gym is currently awaiting consent on a planning application to create a 17,500 sq ft unit, to be built on top of the former BHS unit. This, alongside the creation of a new food quarter, will enhance the centre’s leisure offering and complement the 8-screen Vue Cinema.
Tom Williams, Senior Asset Manager at Legal & General, said: “Refurbishment works to The Grafton continue to progress well and we have had encouraging feedback on the newly re-opened Fitzroy Street entrance. The refurbishment has already initiated some very positive conversations with a number of new brands. We’re looking forward to the centre further evolving over the coming months and in particular the reconfiguration of the former BHS, a key aspect of the refurbishment programme.”
The Grafton’s £28 million refurbishment programme includes major improvements to the shopping environment throughout, upgrading entrances, flooring and roofs, to create a bright and modern environment for visitors to enjoy. Legal & General also plan to enhance the centre’s retail line-up through the reconfiguration of retail space and creation of new units and anchor opportunities.
The refurbishment of The Grafton is being managed by Wrenbridge, a London and Cambridge-based developer. Corstorphine & Wright are the architects for the project. Bidwells and Strutt & Parker are agents for The Grafton.
