£150m Shrewsbury plans unveiled
Published: 28 June, 2011
UK Commercial Property Trust to redevelop three centres to form 650,000-sq ft New Riverside
Plans are being brought forward to transform Shrewsbury town centre’s three principal shopping malls- the Riverside, Darwin and Pride Hill centres - into a single shopping experience. All three were acquired by UKCPT in 2010.
The £150m transformation plans for New Riverside will see an additional 225,000 sq ft of new retail space added to the existing provision at Riverside. A new department store of 97,000 sq ft will be part of the plans as well as up to 60 new shops/stores and restaurants. There will be shoppers parking for around 1,150 cars.
Under the plans, the three malls will be seamlessly linked to create a single light, modern retail environment of around 650,000 sq ft complementing Shrewsbury’s historic heart. Designed with Shrewsbury’s unique character in mind, New Riverside will lift the town up the retail hierarchy and make it a considerably more attractive place to shop and visit.
The intention is to submit a planning application later this year with a public exhibition taking place in the town in July. Subject to planning approval, work could start on site by summer 2013 with the completed development ready by autumn 2015.
UKCPT is being advised in the redevelopment by Ignis Real Estate and Shearer Property Group.
Guy Shearer of SPG said: “Shrewsbury has fallen behind in the last few years because the town simply does not offer the size or quality of units required by modern retailers.The redevelopment of Riverside anchored by a full-line department store and refurbishment of Pride Hall and Darwin is well overdue and will take Shrewsbury into the retail premier league.
John Lang Lasalle and twentyretail are retail advisors and letting agents for UKCPT.
