LONDON, 27 April 2021 – CBRE Global Investors has today announced the completion of its £16m shopping centre refurbishment of Angel Central, London. The works, designed by international architects Haskoll, have been delivered by RED Construction and development managers Queensberry.
In 2018, CBRE Global Investors were granted planning permission to transform the destination and have since undertaken works to reconfigure the basement car park. This has generated over 20,000 sq ft in bespoke and flagship units for global fashion brand UNIQLO and fitness studio Frame, both having joined the scheme in late 2019, improving the overall retail and leisure offer at Angel Central.
The redevelopment has also seen the creation of a pedestrian link bridge and balcony extensions on the first floor, above a fully glazed kiosk within the central plaza, and enhanced lighting, paving, and balustrading. The iconic, 12-tonne ‘Angel Wings’ have been elevated by 3.5 metres at the heart of the scheme, using an innovative process introduced by RED Construction.
With an emphasis on sustainability, Angel Central has recently become one of only three shopping centres in the world, and the second UK asset, to achieve a 2-star rating in the latest Fitwel framework, the world’s leading certification system for optimising building design and operations, to support human health and well-being. Smartscape delivered bespoke landscaped planting, and additional sustainability credentials include an excellent certification by BREEAM, a globally recognised sustainability assessment method for master planning projects, infrastructure, and buildings. Furthermore, new electric car charging points alongside additional bicycle parking have been implemented within the scheme.
“This is a key moment for Angel Central, one of our flagship projects within our EMEA shopping centre portfolio. As a major investor in retail destinations, with approximately €14 billion assets under management in Europe, we firmly believe that physical retail is part of the equation. Angel Central is a perfect example of the investment criteria needed for a successful scheme. Location and relevance are both critical and as this centre is located in the heart of London, providing tailored experiences to our customers who now want to shop, dine, socialise and work-out, Angel Central offers it all. We have also demonstrated our commitment to ESG with the Fitwel award and BREEAM accreditation which was fundamental to the success of this investment,” commented Eric Decouvelaere, EMEA head of retail, CBRE Global Investors.
The completion of works comes at the perfect time for the destination, with the recent reopening of non-essential retail and outdoor dining. The likes of Wagamama, itsu, and Pret are operating with external seating, and anchor retailers H&M and UNIQLO are again open. Holland & Barrett, the leading UK wellness retailer, has also opened a new store at Angel Central; an upsized unit at 21-22 Upper Street. With a continued goal to provide guests with a diverse and community-led offer, Angel Central will target attractive catering options for the brand-new kiosk and planted plaza, alongside a new restaurant unit linking directly to the alfresco dining space.
Commenting on the redevelopment, Graham Sturge, Managing Director of RED Construction, said: “The completion of Angel Central’s redevelopment is a meaningful milestone for RED Construction. Taking into consideration the intricacies of the project, including the elevation of the iconic twelve-tonne wings sculpture, and the challenges of Covid-19, we successfully delivered all works on schedule and meticulously executed the scheme to the notable standard for which we are known.”
James Coulsey, Development Director, Queensberry, added: “It is fantastic to see the development at Angel Central complete. We have managed to transform the centre, introduce some great new occupiers, and create new inviting spaces.”
CBRE and CWM represent Angel Central for both retail and leisure enquiries.
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About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $122.7 billion in assets under management* as of December 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.