New Lettings at Broadgate Circle

RNS Number : 2704X

British Land Co PLC

18 November 2014

 



£20m Broadgate Circle Development Welcomes Yauatcha and The Botanist

Broadgate Circle, the food, drink and leisure scheme at Broadgate, will see the entry of Hakkasan Group's Yauatcha and The Botanist from ETM Group.  Other restaurants debuting in the City include Aubaine, Shoryu Ramen and Comptoir Libanais.  Broadgate Circle will re-open in spring 2015 with 11 high profile brands with an all-day, six-day week offer.

Yauatcha, by the global hospitality company Hakkasan Group, is a contemporary dim sum teahouse with a flagship location in Soho, where it currently holds a Michelin star. This will be Yauatcha's second UK location following the success of its restaurant in Soho, and its first in the City. It has taken a 7,220 sq ft restaurant on a 15-year lease.

The Botanist has taken the 8,180 sq ft terrace bar on a 20-year lease. It will be the latest restaurant and bar from the award-winning ETM Group whose portfolio includes The Botanist on Sloane Square, The Gun in Docklands, The Jugged Hare, Chiswell Street Dining Rooms in the City and One Canada Square in Canary Wharf.

Aubaine French restaurant, boulangerie and pâtisserie has taken 2,870 sq ft on a 15-year lease.  Lebanese canteen and delicatessen Comptoir Libanais has taken 1,880 sq ft on a 10-year lease while Shoryu Ramen, which specialises in Hakata tonkotsu ramen, has signed for 2,120 sq ft on a 10-year lease.

Following these signings, Broadgate Circle is over 90% pre-let or under offer. There are advanced negotiations with a further three operators, leaving just one unit and two kiosks still to let.  Owners British Land and GIC have invested £20 million redeveloping the 45,000 sq ft Broadgate Circle as part of their strategy to provide a more vibrant retail and restaurant offer to create a new destination which will serve the city and growing areas to the north and east.  The vision is of a vibrant mixed-use environment in the heart of the city, benefiting from its position around Liverpool Street Station, one of London's most important transport hubs, and from the completion of Crossrail in 2018.  The redevelopment of 5 Broadgate, which is fully let to UBS is also well advanced, and is expected to complete early next year.

Matthew Pinsent, Head of City Offices for British Land, said: "The redevelopment of Broadgate Circle is a great example of British Land and GIC investing in Broadgate, to create an environment where people want to work, and spend their leisure time.  The addition of these brands builds Broadgate's reputation for providing stylish, good quality dining options, and helps attract and retain our office customers throughout the estate."

Didier Souillat, Executive Vice President of Restaurants for Hakkasan Group, commented:

"We chose Broadgate Circle for our second Yauatcha restaurant in the UK because it serves an exceptional catchment and its strong trading profile makes it an obvious choice for us. We know Broadgate will provide a sound platform to continue to grow our brand."

Tom Martin, Co-Founder of ETM Group, added:

"British Land and GIC understand what makes a great environment, we are really impressed at both the quality of the scheme and the calibre of brands involved.  The Botanist on Sloane Square is one of our busiest London Bar / restaurants and the brand is ideally suited to the clientele of Broadgate and The City in general. We are delighted to bring this highly successful format to such a prominent and prestigious City location."

An estimated 250,000 people (CACI) pass through Broadgate every day.  Its catchment extends to more than 7.1 million people with a total comparison goods expenditure of £12.75 billion per annum.

Cafes and restaurants already at Broadgate include Gaucho Grill, Arancini Brothers, Rocket, The Liberty of Norton Folgate and Gatti's, in addition to pubs and bars including Corney & Barrow, The Fleetwood, Jamies Wine Bar and The White Horse. Retailers include Reiss, Hobbs, Links, Monsoon, Karen Millen and Space NK.

Broadgate Circle's letting agent is Davis Coffer Lyons.

ENDS

Enquiries:

Investor Relations

Sally Jones, British Land                                                020 7467 2942

Media

Jackie Whitaker, British Land                                          020 7467 3449

Emma Hammond, FTI Consulting                                     020 3727 1227

Pip Wood, British Land                                                   020 7467 2942

Gordon Simpson, Finsbury Group                                    020 7251 3801

Notes to Editors

About Broadgate

Broadgate is a 30 acre fully managed estate in the heart of the City. Since opening, the estate has been progressively developed and now includes 16 separate buildings covering 4.0 million sq ft with a further 710,000 sq ft under development. The office buildings are set around four landscaped squares each providing an attractive working environment enhanced by restaurants, bars, pubs, shops and health clubs. Due to its excellent location - it has been built around Liverpool Street station, the City's main transport hub - Broadgate has become a dynamic and thriving business community. With over 30,000 workers, it is home to some of the world's biggest corporations and top professional practices.

Broadgate is owned by British Land and GIC. Further details can be found on the Broadgate website at www.broadgate.co.uk.

About GIC

GIC is among the world's largest fund management companies. It was established in 1981 to manage Singapore's foreign reserves. GIC strives to achieve good long-term returns on assets under its management, so as to preserve and enhance Singapore's reserves. Since its inception, GIC has grown from managing a few billion dollars to well above US$100 billion today. GIC's investment framework capitalises on its strengths which include the ability to take a long-term investment perspective, a global presence, capabilities to invest in cross-asset opportunities, and a skilled and experienced team. It has investments across 40 countries and in assets such as equities, fixed income, real estate and private equity. GIC has been investing in emerging markets for over twenty years. GIC is headquartered in Singapore with a network of offices in nine cities worldwide.

Further details can be found on the GIC website at www.gic.com.sg.

About British Land

We are one of Europe's largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality commercial property, focused on retail locations around the UK and London Offices & Residential. We have total assets in the UK, owned or managed of £19.0 billion (British Land share of which is £12.8 billion), as valued at 30 September 2014. Our properties are home to over 1,000 different organisations and receive over 340 million visits each year. Our objective is to deliver long-term and sustainable total returns to our shareholders and we do this by focusing on Places People Prefer. People have a choice where they work, shop and live and we aim to create outstanding places which make a positive difference to people's everyday lives. Our customer orientation enables us to develop a deep understanding of the people who use our places. We employ a lean team of experts, who have the skills to translate this understanding into creating the right places, and we have an efficient capital structure which is able to effectively finance these places.

UK Retail assets account for 54% of our portfolio. As the UK's largest listed owner and manager of retail space, our portfolio is well matched to the different ways people shop today, from major regional shopping centres to single occupier locations. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising around 25 million sq ft of retail space across retail parks, superstores, shopping centres, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 46% of our portfolio is focused on London, We have an attractive mix of high quality buildings in well managed environments and a pipeline of development projects which will add significantly to our portfolio. Increasingly, our offices are in mixed-use environments which include retail and residential elements. Our 7.9 million sq ft of high quality office space includes Regent's Place and Paddington Central in the West End and Broadgate, the premier city office campus (50% share).

Our size and substance demands a responsible approach to business. We believe leadership on issues such as sustainability helps drive our performance and is core to the delivery of our overall objective of driving shareholder value and creating Places People Prefer.

Further details can be found on the British Land website at www.britishland.com 

 

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