National convenience store brand, Sainsbury’s Local, has been confirmed as the first let for Greenwich Square; a major mixed-use development by Hadley Mace. A lease has been signed for a 4,500sqft unit – the largest of the retail spaces – due to commence in 2014.
The £225m East Greenwich project is the latest development within a major regeneration initiative, which aims to transform the Royal Borough into a thriving and desirable community.
Launched in April, Greenwich Square will comprise 645 new homes and over 35,500sqft of ground floor commercial space comprising retail, restaurant and D1 accommodation. Set around a large open public square, the space is designed to create a central ‘social hub’ of cafes and restaurants, supplemented with conveniences like grocery outlets and a chemist. The remaining retail space comprises up to 11 individual units, in a variety of sizes, designed to encourage a range of businesses into the area, both boutique and branded.
The project is delivered by Hadley Mace, a joint venture development company between high end developer, Hadley Property Group, and Mace Limited - the company behind The Shard and also an investor in regeneration and property. Commenting on the announcement, Hadley Mace director, Andy Portlock, said: "This marks a significant step forward in bringing this new community to life. We are very excited to have such a well-established brand involved at such an early stage and look forward to mixing this with cafes, restaurants and independent brands for a dynamic and vibrant culture.”
The deal with Sainsbury’s Local was brokered by Matt Paulson Ellis of DE+J Levy.
Robert Mellor, Sainsbury’s regional acquisitions manager, added: “We are delighted to be part of this exciting development; working with Hadley Mace to provide local people with access to Sainsbury’s convenience offer and complementing the other uses planned for the site.”
Greenwich Square is set to become a popular destination with arrival of the new Greenwich Centre in 2014. A key element in the local regeneration initiative, the 60,000sqft complex will sit adjacent to the public square and comprise a NHS healthcare facility, a library, a Royal Borough service centre and a brand new leisure centre with gym, swimming pools, café and crèche. Previous improvements to the area already include a major new transportation infrastructure, the development of new parks, open spaces, river walks, cycle ways and leisure centres.