UK Commercial Property Trust (UKCPT) has unveiled plans for a £150m redevelopment of Shrewsbury town centre, Shropshire, combining its three shopping centres into a single, combined centre called New Riverside.
UKCPT has submitted a planning application to Shropshire Council, requesting permission for the regeneration project, which will includes the demolition of the existing Riverside centre and the construction of a new 225,000 sq ft centre that will be integrated with the Darwin and Pride Hall centres and provide stronger links to the town centre.
The plans include a new department store, 50 new shops, 10 restaurants, offices and car parking.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Subject to planning consent being achieved and the signing of pre-lets with tenants, the redevelopment is scheduled for completion in 2016.
UKCPT believes that Shrewsbury has significant potential as a retail destination, as a sub-regional county town with a large, affluent catchment area, where no new retail space has been built in the past 20 years. The planning application followed a period of consultation with the council as well as a public exhibition, during which the plans were extremely well received.
Christopher Hill, Chairman of UKCPT, said: "The New Riverside project in Shrewsbury is a significant project for UKCPT, and a transformational scheme for the town. The board of UKCPT will assess all options for the progression of the scheme to best create shareholder value."
The share price fell 0.07% to 74.85p by 08:30.
NR
-
Wage growth in UK jumps ahead of inflationLatest job market data from the ONS shows that wages grew faster than inflation from September to November, but also reveal a worrying rise in unemployment rates
-
Transformed companies displaying momentum and top-quality growthAlex Savvides, manager of Jupiter UK Dynamic Equity Fund, highlights three companies as he tells us where he'd put his money
