Chelsfield started construction on the million-sf scheme at Shepherd's Bush in Autumn 2003. Under the terms of the agreement, CGI will pay £200 million ($350 million) for a lease on the site, and reimburse all of Chelsfield's expenditure of construction to date. It will then bear all construction costs during the three-year project, expected to total £1.2 billion ($2.05 billion).
The scheme, expected to begin trading in 2007, is to be anchored by a Marks & Spencer store, and talks are under way with other anchor tenants. Overall, it will provide 1.4 million sf of new space, broken up into a million sf of retail, 220,000 sf of restaurants and catering space, 100,000 sf of cinema and leisure space and a 20,000-sf library/gallery.
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