Legal & General (L&G) has launched 25 independent retailers their first year rent-free at its New Acres BTR scheme in south London.
It describes the move as an attempt “to breathe life into the high street and champion independent businesses and entrepreneurship”.
Aiming to catalyse the growth trajectory of SMEs, each business will benefit from a three-year kick-starter rental package, combining performance-linked rents with complementary marketing support and units delivered to a ‘white box’ specification for ease of personalisation and branding. After the first year, occupiers will be offered flexible turnover rent options at rates that allow businesses to grow and mature.
Situated at L&G’s BTR scheme in Wandsworth, London, a “carefully curated line up of independent retailers” is being selected to drive footfall and longevity of the high-street alongside coworking, creative makers studios, and a weekly market. The retail spaces are available for an eclectic range of brands, from hospitality and wellness businesses through to retail.
To source the right mix of independent businesses, L&G has composed a “curation team” rather than working with traditional leasing agents. The curation team is made up of individuals and businesses with a background in innovative retail concepts, start-up business, design, curation, digital marketing, and editorial.
Located 400 metres from Wandsworth Town station, New Acres is set on a six-acre area with the delivery of more than 1,000 homes. The investment forms part of a wider strategy to deliver “future-ready, consumer-centric places”, creating a thriving neighbourhood for its 1,000+ tenants in New Acres, and the surrounding community, by bringing to life over 50,000 square feet of commercial space.
The independent brands will be announced in December, with the first retailers opening their doors in Spring 2025.
Denz Ibrahim, head of futuring and place at L&G Asset Management, said: “By designing transformative and innovative placemaking solutions for mixed-use real estate environments, we can truly deliver consumer centric and resilient assets. The high street is challenged – we’re seeing increasing vacant units and dwindling footfall across the country. However, we know there is an alternative way to tackle this and to deliver transformed spaces – our asset in Poole illustrates the unmet demand for vibrant, community-centric curated destinations.”
“New Acres represents the opportunity to deliver the first new build, independent-led neighbourhood; investing in the local community and helping fledgling independents grow into flourishing businesses. Our capital city is brimming with talent and entrepreneurial spirit, it just needs the resource and support to catapult SMEs into success.”
