As a result of the significantly advanced leasing, Rioja Estates has now agreed on principal terms with a funding partner as well as awarded a building contract for the main building works. This follows the groundwork commenced in 2021, which included infrastructure works to the nearby A1/A42 Grantham relief road, with a total of 27.4 million vehicles now having direct access to the outlet from the A1, the UK’s third busiest road.
This complements the rail connections that the scheme benefits from, with London just an hour away with trains every 30 minutes, as well as a bus shuttle service between the train station, town center, and outlet village, providing easy access for both Grantham residents and those visiting from farther afield. In total, 3.5 million visitors are expected annually.
“We are delighted to have seen such strong interest in the scheme this early on in the development, not least given the global turbulence over the last three years. The well-progressed leasing means that we go into the next stage of development with great confidence.” comments Giles Membrey, Managing Director of Rioja Estates.
The advanced leasing negotiations mean that just under a third of the total space at Grantham Designer Outlet Village is now committed, with a host of other globally-recognized fashion, retail and hospitality brands already signed up for space. In total, the 25,083 sq m development will feature up to 90 stores, restaurants, and coffee shops in Phase One, with an additional 50 added in Phase Two.
The customer experience will be enhanced by a full omnichannel offering; as the first outlet in the UK, Grantham Designer Outlet Village will offer a transactional website, enabling visitors to shop online as well as browse available products before traveling.
Rioja Estates is developing the scheme in partnership with family-owned and Grantham-based property investor Buckminster, which has a centuries-old relationship with the town. The scheme is expected to bring over 100 million euros in direct investment to the region and create around 1,500 permanent jobs when it opens.