AEG seeks partner to develop designer shopping village at O2

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Anschutz Entertainment Group wants to build a centre to rival Bicester Village in Oxfordshire and already has planning permission for 118 designer shops with bars and restaurants.

It will be housed on the ground floor and an unused balcony on an upper level of the O2 that had previously been earmarked for a “super casino”.

AEG signed a six-month exclusivity deal with property giant Land Securities in January, but decided not to pursue the opportunity in July.

However, market sources have told property website CoStar that AEG is now taking its offer to the open market to achieve a 50-50 joint venture which will bring forward the planned extension.

The freehold of the O2 site is owned by the Government, and Trinity College Cambridge owns a 994-year long lease. AEG has a shorter lease and is the operator.

AEG famously breathed new life into the Government’s former white elephant exhibition space, the Millennium Dome, by turning it into the O2, which has become London’s leading music venue. The designer-outlet village is meant to turn the venue into an all-day retail and leisure destination.

The O2 currently contains around 60,000 square feett of leisure activities with cinemas, restaurants and bars, while  a large piazza trades strongly. The new site would add another 260,000 square feet to the venue.

Source Article from http://www.standard.co.uk/business/business-news/aeg-seeks-partner-to-develop-designer-shopping-village-at-o2-9920269.html

December 12, 2014 |
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