NewRiver steps up the pace
Published: 05 April, 2011
Following an agreement in Wallsend, Tyne & Wear, NewRiver now has 500,000 sq ft of development in the pipeline on eight sites across the UK
NewRiver Retail has signed a Memorandum of Understanding with North Tyneside Local Authority for a significant refurbishment and extension of The Forum shopping centre in Wallsend, Tyne & Wear.
The proposed redevelopment options include comprehensive refurbishment of the current shopping centre, a new 55,000-sq ft anchor food store and a further 65,000 sq ft of retail space that creates new and larger units. In conjunction with the local authority, which owns the key adjacent sites, NewRiver intends to create a new town centre that will draw a wider range of retailers and restaurant operators to the town.
It is the intention to secure a pre-let for the food store from a major retailer before commencing redevelopment and the developer has already opened discussions with a number of major supermarket groups. It is expected that a planning application will be submitted in the third quarter of 2011.
Additionally, in Bramley, Leeds, the company has gained planning permission for a 10,000-sq ft extension to the main town centre retail scheme. In Fareham, Hampshire, planning permission has been granted for 25,500 of additional retail space. And NewRiver's shopping centres in East Ham, east London, Erdington, West Midlands and Market Deeping near Peterbrough are currently subject to pre planning consultation for refurbishment and extension, totalling 115,000 sq ft of new space. In Burgess Hill, West Sussex, a major 110,000 sq ft project is at pre-planning stage and discussions with food and non-food retailers regarding pre-lets are advancing well.
In Abingdon, Oxon, where NewRiver is advising Scottish Widows Investment Partnership, the owner of the main Abbey Shopping Centre, The Vale of White Horse District Council, announced on 23 March 2011 that it had reached agreement for a planned £53m redevelopment of the Abingdon Charter area and the centre, in conjunction with SWIP. It is anticipated that, subject to planning permission, development will commence in 2013 and NewRiver will manage the entire development on behalf of SWIP.
