Green light for Landsec’s competitive socialising plans at One New Change

7th March 2024 | Jack Oliver

Landsec’s proposals to create a competitive socialising space at the One New Change shopping centre have been approved by the City of London Corporation.

Under the proposals, seven units on the lower ground floor will be amalgamated to create one large space, spanning approximately 22,314 sq ft. All of the units are currently Use Class E, so would require a change of use to sui generis. One unit on the ground floor, formerly occupied by Next, will be converted in part to create an entrance to the new venue.

In the planning application, Landsec said that since the opening of One New Change the worlds of physical retail and hospitality have “shifted”, with the rise of omnichannel retailing and a change in consumer behaviour meaning customers no longer necessarily need to shop physically. Retail has therefore seen a reduction in how much physical space is required. In contrast, said Landsec, hospitality as an industry has seen growth, particularly through competitive socialising venues.

The real estate investment trust also cited changes in the retail consumer landscape and the increase in hybrid working meaning a shift in the number of people coming into the office during the week. These changes have led to a reduction in retail requirements across London, especially in the City due to the disruption to working patterns.

At One New Change, Landsec said there has been “limited interest” in vacant retail units. This has resulted in only three lettings within the last 24 months, including to competitive socialising concept F1 Arcade.

No signage was submitted as part of the application, so it is currently unclear who will occupy the newly-created unit once finished.


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