Parkway opens in Newbury
Published: 26 October, 2011
Over 30,000 people turned out for the opening of Parkway shopping centre, the retail element of Standard Life Investments’ 475,000 sq ft mixed-use scheme in Newbury, which was marked by a fanfare procession complete with a host of Tudor street performers.
Parkway, with its open streetscape design, is an extension to Newbury’s high street - adding to the town’s high quality shopping offer by providing a key mix of boutiques alongside high-street retailers.
It opens with17 of 40 units trading, another, Mint Velvet, is due to open in the next couple of days and negotiations are underway on a further 14.
The scheme includes anchor tenants Debenhams - three times larger than the retailer’s existing store in Newbury - and M&S, as well as a number of new retailers to the town including Superdry, Topshop, H&M, Argento, Jigsaw and Lakeland.
Highlighting the strength of the scheme and Newbury’s catchment, John Lewis at home is opening a 40,000 sq ft store at Parkway in spring 2012.
Ed Jenkins, head of UK retail at Standard Life Investments, said: “With its strong, affluent catchment, Newbury offered us a great investment opportunity. Parkway opens with a retailer line up that complements and enhances the town and will see Newbury become a major new shopping destination.”
David Paine, head of real estate at Standard Life Investments, described Parkway as the retail heart of Newbury.
He said: “I’m delighted with the way everything looks this morning. The people of Newbury have turned out despite the weather - it’s been a great, great opening and we look forward to our first weekend.
“Our aim now is to get people to look at the stores and the development and to get them coming back. Things are going very well so far.”
With Parkway open, there will be no more new shopping centres opening in the UK until 2013. This marks a seismic shift following the 2008/2009 shopping centre boom years when over 20 centres opened in just 18 months. The 300,000 sq ft shopping centre at the core of the Parkway development is the last of only three to open this year.
Development managers for Parkway are Shearer Property Group. Retail letting agents are Strutt & Parker and Jones Lang LaSalle. The Newbury office of Carter Jonas is acting on behalf of Standard Life Investments as the residential sales agent for Parkway Living together with London agent CBRE.
