Company: Capital & Regional – www.capreg.com
Key Industry: Real Estate Investment Trust
Key Sector: Retail and Leisure
Capital & Regional, a leading specialist owner and manager of shopping centres in the UK, acquired The Marlowes shopping centre, which comprises 340,000 sq ft of retail space, for £35.5 million in 2016. Since then the company has invested an additional £18.3 million to consolidate its ownership in the town centre to enable the delivery of its long-term plans for Hemel Hempstead.
Dacorum Borough Council is investing in multiple renovation projects across the town, creating the ideal time for Capital & Regional to build on the success of The Marlowes.
Capital & Regional’s vision to create a revitalised retail and leisure offer for Hemel is therefore aligned with Dacorum Borough Council’s £30 million town centre regeneration programme.
The Marlowes includes 100 stores within over 360,000 square feet of retail accommodation, attracting 6.5 million visitors annually.
Capital & Regional want to do their part to ensure The Marlowes and the town centre remain thriving places for local people and visitors. Their proposals will provide more choice and better facilities for the local community, helping to drive further investment into the town while expanding Hemel Hempstead’s budding day and evening economy.
The proposals mark the beginning of a period of change, with a long-term vision to expand The Marlowes to become the primary retail and leisure area. This aspiration will require a further period of planning, with Capital & Regional working in conjunction with Dacorum Borough Council.
Capital & Regional propose to change a number of current retail spaces within The Marlowes.
Although these proposals represent a great opportunity to enhance the leisure offering in this important location, ‘change’ is not always welcome.
Capital & Regional organised an exhibition in June 2017 to explain their exciting proposals for The Marlowes, with members of the project team on hand to talk through the plans in more detail and encouraging visitors to leave feedback.
The proposed benefits to the community and surrounding area include:
- Additional investment from Capital & Regional, acting as a catalyst for further investment into the town, while expanding Hemel’s day and evening economy
- An increased number of restaurants within The Marlowes, offering a wider variety of choice and offerings to residents and visitors
- A multiscreen cinema showing the latest films, complemented by an extended restaurant offer
- Exciting new retailers to increase the retail offer
- A refurbished North Court where the restaurants will be located, creating a lively yet relaxed community space with vibrant colours, and relaxed seating areas
- A revitalised northern entrance, creating a warm and welcoming entrance to the new leisure offer
Capital & Regional have lodged plans with Dacorum Borough Council for a £13 million reconfiguration of The Marlowes shopping centre, as they progress their long-term vision for Hemel Hempstead town centre.
Gareth Holland, Retail Asset Manager at Capital & Regional said: “We are excited to unveil the first phase of our plans for The Marlowes. The addition of a cinema, alongside a new family dining offer, is integral to our vision to create a modern, vibrant town centre with a thriving day and evening economy. We look forward to working with the council and other local stakeholders to realise Hemel’s potential as a fast-growing London satellite town.”
Published on: November 29, 2017