L&G has announced a £10 million increase in its investment of The Grafton Cambridge.The refurbishment programme of the 500,000 sq ft The Grafton in Cambridge has reached a significant milestone, with Phase 1 having reached completion. Renovation works of the retail area to create new spaces, attract new retailers, improve the customer experience and boost the footfall, began in May 2016 and are expected to finish in the first quarter of 2018.
Owner LGIM Real Assets (Legal & General) has declared an increase in its investment in the refurbishment of The Grafton by nearly £10 million, taking their total investment to £28 million. The additional funds will go towards the two remaining phases of the project: the relocation of the original BHS unit and the introduction of a new food section. Investment also targeted to additional initiatives to provide further improvements to the centre including the launch of a gym, a food quarter and the creation of new spaces.
Phase 1 ends this September, delivering a new Fitzroy Street entrance featuring a double height glazed frontage, allowing natural light into the mall. The mall also benefits from new functionality lighting and new double height storefronts to some of the larger shops. Decathlon opened near the Fitzroy Street entrance in June and became one of the first new stores to join The Grafton. It’s first Decathlon’s store in Cambridge, and it has been trading very well, achieving sales numbers 10% above ambitious targets.
Tom Williams, a Senior Asset Manager at Legal & General, stated: “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 some 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 final stage will see the reconfiguration of the former BHS unit, an important aspect of the centre’s transformation. Pure Gym is currently awaiting approval on a planning appeal to create a 17,500 sq ft unit, to be built on top of the former BHS unit. The creation of a new food quarter, will enhance the centre’s leisure offering and complement the 8-screen Vue Cinema.