A 60-store development planned in London’s East End will target “independent and alternative” retailers.
The Goodsyard development, which is proposed on a largely vacant 10-acre site between Shoreditch High Street and Brick Lane by developers Hammerson and Ballymore Group, will include about 90 units for retail and leisure uses, stretching to about 175,000 sq ft. Of these approximately 70% will be set aside for retail, with Hammerson anticipating around 60% of those will be let to fashion occupiers once letting discussions start early next year.
Rob Allan, Hammerson’s project director for the scheme, told Drapers the “focus will be on independent and alternative brands coming in that want to be in this area, near Redchurch Street and Spitalfields.”
The retail offer will be focused along London Road - which has been closed since construction of the East London Line began in 2005 - running east to west from Shoreditch High Street to Brick Lane. Most of the retail units will be on the ground floor in historic arches, but ground and first floor space will be provided towards Shoreditch High Street.
The stores will range from 250 sq ft up to 10,000 sq ft, but around 51% will be less than 1,000 sq ft. This makes them suitable for independents but still provides space for larger multiples, such as Topshop.
Plans were submitted at the end of July and the developers plan to start work in 2016 and complete it by 2018. Part of the site is currently occupied by the Boxpark pop-up mall, which has leased the space until 2017.
Property agency Shackleton will advise on letting the retail units.