Legal & General is to create what it calls “the UK’s first new-build independent neighbourhood” offering over 25 independent retailers their first year rent-free.
Aiming to catalyse the growth trajectory of SMEs, each business will benefit from a three-year kick-starter rental package, combining performance-linked rents with complementary marketing support and units delivered to a ‘white label’ specification for ease of personalisation and branding.
After the first year, occupiers will be offered flexible turnover rent options at rates that allow businesses to grow and mature.
Situated at a Legal & General Build To Rent scheme called New Acres – located in Wandsworth, London – a curated line up of independent retailers is being selected to drive footfall alongside co-working, creative makers studios, and a weekly market. The retail spaces are available for an eclectic range of brands, from hospitality and wellness businesses through to retail.
L&G has composed a ‘curation team’ rather than working with traditional leasing agents. The curation team is made up of individuals and businesses with a background in innovative retail concepts, start-up business, design, curation, digital marketing, and editorial.
Located near a key transport hub, New Acres is set on a six-acre area with the delivery of over 1,000 homes. The investment forms part of L&G’s so-called “future-ready, consumer-centric places, creating a thriving neighbourhood for its 1,000-plus tenants in New Acres, and the surrounding community, by bringing to life over 50,000 square feet of commercial space.”
The first retailers open their doors in Spring 2025.
An L&G spokesperson says: “By designing transformative and innovative placemaking solutions for mixed-use real estate environments, we can truly deliver consumer centric and resilient assets. The high street is challenged – we’re seeing increasing vacant units and dwindling footfall across the country. However, we know there is an alternative way to tackle this and to deliver transformed spaces – our asset in Poole illustrates the unmet demand for vibrant, community-centric curated destinations.
“New Acres represents the opportunity to deliver the first new build, independent-led neighbourhood; investing in the local community and helping fledgling independents grow into flourishing businesses. Our capital city is brimming with talent and entrepreneurial spirit, it just needs the resource and support to catapult SMEs into success.”
This builds on previous initiatives in L&G’s retail scheme, Kingland in Poole, Dorset, where 10 independent businesses were offered a significant rent reduction alongside further support as part of their three-year scale-up plan. Since opening in 2021, Kingland tenants have turned over £3.4m.
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