Universities Superannuation Scheme – the trustee of the UK’s largest private pension scheme by way of assets – has signed boutique cinema brand, Everyman to Grand Arcade, Cambridge on a new 25-year lease, subject to planning being granted for change of use.
On the first floor of the centre, occupying 15,600sq ft of space that was previously home to the Arcadia Group, the arrival will be accessible from the main shopping mall and will enhance Grand Arcade’s leisure offering.
Everyman opened two new cinemas in Edinburgh and Egham earlier this year, and the Cambridge opening would become the second Everyman in the East of England and the first in Cambridgeshire.
The news is a vote of confidence in Grand Arcade as a key city centre retail and leisure destination and builds on recent leasing activity. In October, jewellery retailer Beaverbrooks opened a new 2,500sq ft store in the prime mall, with an adjoining luxury boutique with Swiss watch brand TAG Heuer. JD Sports also launched a new 14,200sq ft store at the centre in October.
Charles Tyrwhitt has also moved into a larger store within the Grand Arcade – a 1,250 unit on the ground floor.
Martin Macwhinnie, centre manager for the Grand Arcade, commented: “As a major retail and leisure hub for the city centre we are pleased to be paving the way for Everyman to open one of its iconic cinemas for the affluent Cambridge catchment. It aligns with the retail and leisure mix already on offer at the scheme – which includes Apple, Russell & Bromley, Tesla, and John Lewis & Partners. It is another signal of occupier confidence in key trading locations in key regional cities.”
Alex Scrimgeour, CEO at Everyman, said: “We’re thrilled to be expanding our Everyman portfolio to include Cambridge, doubling our offering in the East of England. The Grand Arcade is the perfect location to open our doors and reach new customers who have a passion for cinema, from both Cambridge and further afield.”
JLL and Cushman & Wakefield acted for USS and Everyman was represented by Curace Consulting.