Grafton Centre: Difference between revisions
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{{Short description|Shopping centre in Cambridge}} |
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{{Use dmy dates|date=April 2022}}{{Infobox shopping mall |
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[[File:Entrance to the Grafton Centre - geograph.org.uk - 939875.jpg|thumb|Entrance to the Grafton Centre.]] |
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| name = The Grafton |
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| logo = TheGraftonLogo.svg |
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| image = File:The Fitzroy Street entrance to the Grafton Centre (geograph 7009284).jpg |
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| caption = The Fitzroy Street entrance to the Grafton Centre 2021 |
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Currently more than thirty years old, the Grafton Centre underwent a £30m refurbishment programme in 2017 after being bought by Legal & General for £99m.<ref name=":0">{{cite web|title=The Grafton shopping centre in Cambridge bought for £99 million|last1=Eleanor|first1=Busby|url=http://www.cambridge-news.co.uk/Grafton-shopping-centre-Cambridge-bought-99/story-27536998-detail/story.html|website=Cambridge News|accessdate=3 March 2016|archive-url=https://web.archive.org/web/20150911041625/http://www.cambridge-news.co.uk/Grafton-shopping-centre-Cambridge-bought-99/story-27536998-detail/story.html|archive-date=2015-09-11}}</ref> It has since been sold to Trinity Investment Management for £61.4m. |
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The main retail stores include [[Boots UK|Boots]] and [[Next (clothing)|Next]]. Until its closure in 2021, [[Debenhams]] was the largest store in the centre. It also has its own five-bay bus stop, a food court, [[Vue (cinema)|Vue cinema]] and two [[multi-storey car park]]s, with capacity for 1100 vehicles.<ref>{{Cite web |title=Grafton East car park |url=https://www.cambridge.gov.uk/grafton-east-car-park |access-date=2022-09-22 |website=Cambridge City Council |language=en-GB}}</ref><ref>{{Cite web |title=Grafton West car park |url=https://www.cambridge.gov.uk/grafton-west-car-park |access-date=2022-09-22 |website=Cambridge City Council |language=en-GB}}</ref> |
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Currently nearly thirty years old, the Grafton Centre is currently undergoing a refurbishment programme. |
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Unusually for a shopping centre of its type, the site includes a number of [[Council house|council flats]] at its western and northern edges.<ref>{{Cite web |title=Grafton Area of Major Change: Masterplan and Guidance SPD |url=https://www.cambridge.gov.uk/grafton-area-of-major-change-masterplan-and-guidance-spd |access-date=2022-09-22 |website=Cambridge City Council |language=en-GB}}</ref> |
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The main retail stores include [[British Home Stores|BHS]], [[Boots UK|Boots]], [[Debenhams]] (the largest store in the centre) and [[Next (clothing)|Next]]. |
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Initial plans for a shopping centre on the site of the Grafton date to the 1950 [[Holford-Wright Report]] on the planning of Cambridge. |
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In 1973, plans by architects [[Richard Rogers]] and [[Renzo Piano]], later famed for their [[Centre Pompidou|Pompidou Centre]] in [[Paris]], were approved by the city council. They were later rejected due to budgetary concerns.<ref name=":1">{{Cite web |title=The Kite |url=http://www.iankitching.me.uk/history/cam/kite.html |access-date=2022-09-22 |website=www.iankitching.me.uk}}</ref> |
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It also has its own small bus station, a food court, [[Vue (cinema)|Vue cinema]] and two [[multi-storey car park]]s. It is owned by [[Prudential plc|Prudential]]{{Citation needed|date=May 2009}}. |
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Grosvenor Developments took on development from 1978, constructing the Grafton through the early 1980s.<ref name=":1" /> It was opened by [[Elizabeth II|Queen Elizabeth II]] in 1984.<ref>{{Cite web |date=26 August 2022 |title=Memories of Queen Elizabeth II from her many visits to Cambridgeshire |url=https://www.cambridgeindependent.co.uk/news/memories-of-queen-elizabeth-ii-from-her-many-visits-to-cambr-9273065/ |access-date=2022-09-22 |website=Cambridge Independent |language=en}}</ref> |
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The Grafton centre was constructed in the early 1980s. |
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During the preceding decade plans for the development of this approximately "kite" |
During the preceding decade, plans for the development of this approximately "kite"-shaped area of land (at that time dominated by terraced houses dating from the tail end of the previous century, and extensively used for student lodgings) were met with controversy and opposition.<ref>[http://www.iankitching.me.uk/history/cam/kite.html Essay on the development phase] Retrieved 2010-06-15</ref> During a decade dominated by national indebtedness and economic decline, with investment funds in short supply, progress towards commencement of the development was slow. |
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In 2016 the centre was bought by [[Legal & General]] for £99m.<ref name=":0" /> In 2017 a £28.5m refurbishment programme was conducted. The refurbishment largely failed to attract more business, with issues compounded by the [[COVID-19]] pandemic, and the site was put on sale in 2021.<ref>{{Cite web |date=2021-06-25 |title=Future of the Grafton Centre up for debate |url=https://www.cambridgeindependent.co.uk/news/future-of-the-grafton-centre-up-for-debate-9204734/ |access-date=2022-09-22 |website=Cambridge Independent |language=en}}</ref> |
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In August 2022, Trinity Investment Management, backed by [[Angelo Gordon]], completed the acquisition of The Grafton shopping centre from Legal & General's LGIM Real Assets for £61.4 million, representing a 50% loss of value in 5 years. Proposed uses for the site include redevelopment for life sciences laboratories.<ref>{{cite web |url= |
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https://www.costar.com/article/1917979667/trinity-im-and-angelo-gordon-eyeing-%C2%A3300-million-makeover-after-cambridge-mall-buy|title=Trinity IM and Angelo Gordon Eyeing £300 Million Makeover After Cambridge Mall Buy |publisher=CoStar|access-date=29 August 2022}}</ref> |
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==References== |
==References== |
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{{Shopping centres in the East of England}} |
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[[Category:Shopping centres in Cambridgeshire]] |
[[Category:Shopping centres in Cambridgeshire]] |
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Latest revision as of 23:04, 1 January 2024
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.jpg) The Fitzroy Street entrance to the Grafton Centre 2021 | |
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The Grafton centre is a covered shopping centre in the east of central Cambridge, England. It is one of the three main shopping centres in Cambridge, with Lion Yard and Grand Arcade in the city's centre.
The Centre dominates Fitzroy Street and Burleigh Street. The main footprint is linear, running from east to west. It has three atria, the eastern one being the largest. The mall is laid out across two storeys with some of the shops having more than one storey too.
Currently more than thirty years old, the Grafton Centre underwent a £30m refurbishment programme in 2017 after being bought by Legal & General for £99m.[1] It has since been sold to Trinity Investment Management for £61.4m.
The main retail stores include Boots and Next. Until its closure in 2021, Debenhams was the largest store in the centre. It also has its own five-bay bus stop, a food court, Vue cinema and two multi-storey car parks, with capacity for 1100 vehicles.[2][3]
Unusually for a shopping centre of its type, the site includes a number of council flats at its western and northern edges.[4]
History
[edit]Initial plans for a shopping centre on the site of the Grafton date to the 1950 Holford-Wright Report on the planning of Cambridge.
In 1973, plans by architects Richard Rogers and Renzo Piano, later famed for their Pompidou Centre in Paris, were approved by the city council. They were later rejected due to budgetary concerns.[5]
Grosvenor Developments took on development from 1978, constructing the Grafton through the early 1980s.[5] It was opened by Queen Elizabeth II in 1984.[6]
During the preceding decade, plans for the development of this approximately "kite"-shaped area of land (at that time dominated by terraced houses dating from the tail end of the previous century, and extensively used for student lodgings) were met with controversy and opposition.[7] During a decade dominated by national indebtedness and economic decline, with investment funds in short supply, progress towards commencement of the development was slow.
In 2016 the centre was bought by Legal & General for £99m.[1] In 2017 a £28.5m refurbishment programme was conducted. The refurbishment largely failed to attract more business, with issues compounded by the COVID-19 pandemic, and the site was put on sale in 2021.[8]
In August 2022, Trinity Investment Management, backed by Angelo Gordon, completed the acquisition of The Grafton shopping centre from Legal & General's LGIM Real Assets for £61.4 million, representing a 50% loss of value in 5 years. Proposed uses for the site include redevelopment for life sciences laboratories.[9]
References
[edit]- ^ a b Eleanor, Busby. "The Grafton shopping centre in Cambridge bought for £99 million". Cambridge News. Archived from the original on 11 September 2015. Retrieved 3 March 2016.
- ^ "Grafton East car park". Cambridge City Council. Retrieved 22 September 2022.
- ^ "Grafton West car park". Cambridge City Council. Retrieved 22 September 2022.
- ^ "Grafton Area of Major Change: Masterplan and Guidance SPD". Cambridge City Council. Retrieved 22 September 2022.
- ^ a b "The Kite". www.iankitching.me.uk. Retrieved 22 September 2022.
- ^ "Memories of Queen Elizabeth II from her many visits to Cambridgeshire". Cambridge Independent. 26 August 2022. Retrieved 22 September 2022.
- ^ Essay on the development phase Retrieved 2010-06-15
- ^ "Future of the Grafton Centre up for debate". Cambridge Independent. 25 June 2021. Retrieved 22 September 2022.
- ^ "Trinity IM and Angelo Gordon Eyeing £300 Million Makeover After Cambridge Mall Buy". CoStar. Retrieved 29 August 2022.
External links
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