UK Commercial Property Trust unveils big plans for Shrewsbury
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.
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Council tax bills in worst hit areas set to rise by £500 in the next four years
Branded the ‘ultimate stealth tax’, the council tax burden is increasing across the country, with some areas potentially having to find hundreds of pounds more a year to pay the bill
-
Crypto ETNs are approved for UK retail investors
The FCA has approved the sale of crypto ETNs to retail investors from October. What is a crypto ETN, and what does this mean for investors?