Commercial Finance Specialists

Legal & General Property has announced this week that it has negotiated an exclusivity agreement with the London Borough of Hounslow (near Heathrow Airport) to deliver Phase II of the Blenheim Centre.

Phase I is comprised of almost 130,000 sq. ft of retail, leisure and restaurant space, and is anchored by a large Asda store. LGP acquired the facility in 2010 and is seeking to continue the property development project to its next phase.

Simon Russian, Head of Retail Development at Legal & General Property, spoke of the opportunities available to regenerate Hounslow Town Centre.

"This project offers an excellent opportunity to deliver new shops, leisure facilities and public spaces that will help revitalize Hounslow Town Centre and create hundreds of new jobs for local people.

"We look forward to furthering our proposals as we continue our discussions on the scheme and develop our plans over the coming months in order to make it possible to bring forward a scheme that is not only financially viable but best serves the needs of the community and helps kick start the wider regeneration of the town center."

Lee Dawson, Director of Corporate Property and Project Co-ordination at Hounslow Council, lauded LGP’s track record of delivering successful property development projects:

"Local people been waiting a long time for the town centre to be redeveloped and this agreement brings us a step closer to that goal. This shows that despite the current economic outlook, investors see the potential of the town and are prepared to put money into the area.

"Legal and General Property has a strong track record of delivering major, successful development and regeneration projects, and we look forward to seeing the plans for the site. We will be continuing to press ahead with our wider plans for the town centre, which will create jobs and opportunities for years to come."