Westfield and Hermes’ first redevelopment completes with Cinema de Lux opening at Westfield Derby
15 May 2008
Countries: United Kingdom
With the opening of National Amusements Cinema de Lux, on 16 May the Westfield/Hermes development partnership has completed its first project.
The redevelopment, whose retail element opened 98 per cent let on 9 October 2007, was completed six months ahead of schedule. Westfield Derby has transformed the retail landscape in Derby by broadening the citys retail offer and making it a more desirable place to shop.
New rankings released by CACI, a retail research company, show that Derby has moved up significantly in the league table of retail centres in the UK. In its annual Retail Footprint study, which ranks retail destinations by consumer expenditure potential, CACI says Derby has jumped 15 places to 38th in the UK.
Since last October almost 16 million customers have visited Westfield Derby. The average weekly footfall in 2008 has been more than 450,000 leading the joint venture partners to expect more than 25 million visitors will come to the centre this year.
The state-of-the-art 12-screen Cinema de Lux, the first of its kind in Britain, is also expected to drive visitor numbers. The 70,000 sq ft multiplex cinema features the most innovative technology, providing an unparalleled entertainment experience for Derby cinema-goers.
The British council of Shopping Centres recently recognised the outstanding marketing of Westfield Derby with the award of two Purple Apple awards for marketing excellence the first for the Best Single Event and the other for the centres Consumer Marketing Campaign.
Michael Gutman, managing director UK/Europe for Westfield, said: We are very proud of what we and our partners Hermes have achieved at Westfield Derby, our first project in the UK. We expect the Cinema de Lux opening this week to enhance greatly the appeal of the centre and complete the retail offer.
Richard Low, Asset Manager at Hermes Real Estate, said: As a first of its kind in the UK, this has been an exciting part of the project and perfectly complements the shopping centre and the town. A combination of retail and entertainment, Westfield Derby is a project we are extremely proud to have been involved with.
Meanwhile, Derby continues to attract an eclectic range of retailers with Crocs (1,383 sq ft) entering the East Midlands for the first time, and Moss Bros (3,900 sq ft) and Watch Hospital (200 sq ft) opening stores at the centre.
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Notes to Editor
About Westfield London
For more information on Westfield Derby, visit: westfield.com/derby
Cinema De Lux
Derby’s new venue will offer guests a variety of amenities including two intimate Director’s Halls, featuring Ultra Leather loveseats. Guests in the premium Director’s Halls also have direct access to the Director’s Lounge, a luxury meeting point before or after the show. Cinema de Lux also offers a full service restaurant, Studio One, that offers a wide range of international dishes and signature cocktails.
Westfield specialises in the management, leasing, development, design, construction and funding of shopping centres. Westfield has approximately 26bn of assets under management in a portfolio of 118 shopping centres across the United Kingdom, United States, Australia and New Zealand with 22,000 retailers and approximately 10m sq m of retail space.
In the UK, Westfield has seven operating centres in Tunbridge Wells, Nottingham, Guildford, Belfast, Lisburn, Merry Hill and Westfield Derby – a 340m development which opened on 9th October last year.
Westfield has three major urban regeneration projects; the 1.6bn landmark Westfield London which on completion this autumn will be the largest shopping centre in Greater London at over 150,000 sq m. Westfield is also developing Stratford City, adjacent to the site of the 2012 London Olympic and Paralympic Games. It is the largest retail-led, mixed use urban regeneration project ever undertaken in the UK. Westfield Bradford is a 340m retailled mixed-use regeneration development in the heart of the city.
Hermes Real Estate is responsible for some 12bn of real estate in the UK (as at 30 June 2007) on behalf of its two main segregated pension fund clients, British Telecom and Royal Mail, and the 950 million Hermes Property Unit Trust. In addition it operates specialist funds including X-Leisure, in conjunction with Capital & Regional and the UK Logistics Fund in conjunction with Legal & General. It operates across all the primary markets of retail, office and the industrial sectors. Hermes operates an integrated portfolio management and research approach to target high quality, well located properties and development sites/investment opportunities.
Issued by WESTFIELD