UK Commercial Property Trust (UKCPT), the FTSE 250 Guernsey-based property firm, has received planning consent from Shropshire Council for its proposed New Riverside redevelopment in Shrewsbury.
The firm has also signed a pre-let agreement with anchor tenant Debenhams for the creation of a 95,000 square foot department store at the development.
Back in February UKCPT unveiled plans for a £150m redevelopment of Shrewsbury town centre, combining its three shopping centres into a single, combined centre called New Riverside.
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Chairman Christopher Hill hailed the council's decision and the signing-up of Debenhams as a major step forward for the planned New Riverside redevelopment.
"With these critical milestones achieved, UKCPT will continue to progress its plans for the scheme, while assessing all options for the creation of maximum value on behalf of its shareholders," Hill said.
The plans include a new department store, 50 new shops, 10 restaurants, offices and car parking.
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