Nicholson Estates - Retail Letting - Hemel Hempstead, Riverside

Date: 02 Aug 2002

Nicholson Estates has signed up Debenhams as the anchor tenant for Riverside, its £45 million Hemel Hempstead town centre development. Debenhams has taken 8,000 sq m (86,000 sq ft) gross/5,574 sq m (60,000 sq ft) net trading space on a 25-year lease. Opening in 2005, the state of the art store will be Hemel Hempstead’s first department store.

Riverside comprises 29,729 sq m (320,000 sq ft) in four integrated clusters of retail, leisure and residential accommodation. In addition to Debenhams, the main cluster will house a heath and fitness unit, 109-bed hotel, retail and restaurant units. The other clusters will include a smaller anchor store, 15 shops on two levels and bars/restaurants, as well as 53 residential apartments and car parking.

Belinda Earl, Chief Executive of Debenhams plc commented:
"The Riverside development will radically enhance the overall shopping offer in Hemel Hempstead. We are delighted to be Hemel Hempstead's first department store as well as the main anchor tenant in this new and exciting scheme.”

Edward Skeates of Nicholson Estates comments:
“Signing Debenhams is a great boost for the development and we are delighted to have them on board. Riverside will be a lively retail destination, appealing to a large and affluent catchment population and drawing people back into the town centre. Interest in all parts of the scheme is already strong, and as one of the UK’s leading department store operators, we are confident that Debenhams will be a popular and successful anchor tenant.”

Nicholson Estates has finalised its Development Agreement with Dacorum Borough Council. Work is expected to start on site by the end of this year.

Mortlock Simmonds Brown and Hartnell Taylor Cook represented Nicholson Estates while Debenhams acted for itself. CB Hillier Parker is advising Nicholson Estates on funding and Donaldsons is advising Dacorum Borough Council. Riverside was designed by Bernard Engle Architects and Planners.

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