CBRE Global Investors-owned North London shopping complex, Angel Central has welcomed the extension of cinema chain, Vue's lease.
Also, as part of future plans for Angel Central, CBRE completed on the £2.2m acquisition of 14 Upper Street, formerly Barclays Bank. A future initiative is to improve the centres visual presence from Upper Street with the ability to create new gateway units into the Angel Central scheme with potential for a rooftop restaurant.
Vue, which originally opened a cinema at the centre in 2002, has committed to Angel Central for an additional 25 years, until 2044.
Angel Central is currently being enhanced with an £11m investment transforming the basement from the existing car park into new retail and leisure space, new restaurants, an improved public realm, and the Angel Wings remaining at the heart of the destination.
Laura Wilson-Brown, Head of Asset Management UK at CBRE, said, “We are delighted that Vue has chosen to commit over the long-term to Angel Central, underscoring its position as a prime retail and leisure destination for residents and visitors to Islington. By acquiring 14 Upper Street we have increased our ownership in the area and our long-term commitment to Angel Central.”
Dave Windross, Head of Property UK&I at Vue, commented on plans, “The extension of our lease displays our belief in Angel Central and Islington as a prime London location.
'CBRE Global Investors’ significant investment and exciting transformation plans for Angel Central demonstrate their commitment to the future of the centre and enhancing the leisure offer alongside the strong retail line up. We have been tenants at the centre for 17 years, and we look forward to many more successful years to come.”
The 170,000 sq ft Angel Central benefits from an annual footfall of 10 million visitors and is ranked in the top 10 of London Retail Destinations. In 2018, CBRE Global Investors put a £11m investment into transforming the basement of Angel Central from the existing carpark into new retail and leisure space.
The development was designed to ensure Angel Central can deliver space to meet demand from a number of new brands and uses. Additionally, helping to increase footfall to Angel town centre, also creating almost 80 new jobs and boosting local business rates by £250k a year.