Legal & General announces that it has purchased the Sovereign Shopping Centre in the centre of Weston-Super-Mare, in partnership with North Somerset Council.
6 Aug 2018
On completion, the shopping centre will immediately be fully let to North Somerset Council, enabling them to retain over 60% of the shopping centre’s income with no borrowing or expenditure of their own. This will generate a long-term revenue stream for the council, allow for further local investment, and enable North Somerset to curate the town centre more effectively.
The investment is part of a wider strategy for Weston-super-Mare, including converting several shops and car parks in the town centre to residential housing; regenerating the town and creating much-needed housing for local people, whilst focusing retail demand on the Sovereign Centre, to the benefit of the council’s revenue.
The purchase of the Sovereign Centre supports the council’s vision for local growth and regeneration in Weston-super-Mare’s town centre. The major expansion and development of Weston College, the construction of Dolphin Square leisure complex, significant improvements to the seafront, creation of the Italian Gardens - coupled with planned housing growth and further business development will continue to impact positively on the local economy and life choices of residents and visitors alike making Weston an even better place to live and work.
Pete Gladwell, Head of Public Sector Partnerships at Legal & General: "By partnering with a progressive and proactive council, we can enable the regeneration of necessary retail provision for the area, deliver them sizeable revenue surpluses, and act as a catalyst for their plans for wider regeneration, boosting local jobs, homes, and driving economic growth."