Designer outlet group McArthurGlen Group has announced a joint venture with U+I, Rioja Developments Limited, Aviva Investors on behalf of Aviva Life and Pensions and The Richardson Family to develop a new designer outlet in Cannock, 30 minutes from Birmingham, the UK’s largest regional city.
The creation of the joint venture will see a combined investment of more than £160 million in the project, with the development spanning 26,500 sq m of GLA across two phases and including improvements to the road infrastructure.
Gary Bond, joint managing director of development at McArthurGlen, says: “We are delighted to announce what will be the Group’s twenty sixth centre and our seventh in the UK, and we look forward to working with our joint venture partners U+I, Aviva and The Richardson Family. The new centre will sit within a rapidly growing portfolio which currently has an active development pipeline of 150,000 sq m.”
The project will be developed and built by McArthurGlen, U+I and Rioja Developments, and once it is completed, McArthurGlen will manage the centre.
Construction of Phase I will begin in the early part of 2018, with the opening planned for spring 2020. The centre is expected to generate significant local economic activity over the next ten years; creating over 1,000 jobs and increasing visitor numbers, benefitting the local community and its businesses. Excellent transport links will mean the centre is perfectly placed to provide a major shopping attraction for the large local catchment area and the 39 million tourists who visit Birmingham each year.
Phase I will feature over 80 stores plus restaurants and cafes, a children’s play area and 1,400 parking spaces, with views over the Mill Green Nature Reserve.
McArthurGlen Designer Outlet Cannock will be situated in what is one of the most densely populated and affluent catchments in the UK. Over 11 million consumers live within a 90-minute catchment, one of the largest in McArthurGlen’s UK portfolio. It will be located close to many of central England’s most popular attractions, including Alton Towers, the UK’s largest theme park; Stratford-upon-Avon, the home of Shakespeare; the iconic West Midlands Safari Park, and the popular chocolate factory at Cadbury World.