UKCPT lodges Shrewsbury application
Published: 06 February, 2012
Planning application submitted for £150m New Riverside redevelopment in Shrewsbury
UK Commercial Property Trust has submitted a planning application to Shropshire Council for the redevelopment of the Pride Hill, Darwin and Riverside shopping centres in Shrewsbury into a single 480,000-sq ft centre called New Riverside. The £150m regeneration project will include 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 proposals consist of a 95,000-sq ft full line department store, 50 new shops, 10 restaurants, offices and car parking.
Subject to planning consent and the signing of pre-lets with tenants, the redevelopment is scheduled for completion in 2016. Once the planning consent has been secured, and depending on prevailing market conditions and portfolio strategy, UKCPT said it will will assess all options for the progression of the scheme to best create shareholder value."
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 follows a period of consultation with the Council as well as a public exhibition, during which the plans were extremely well received.
UKCPT chairman Christopher Hill said: “The New Riverside project in Shrewsbury is a significant project for UKCPT, and a transformational scheme for the town. In conjunction with its development manager, Shearer Property Group, UKCPT has a wealth of expertise and experience in active asset management of retail property. We have been able to draw on those skills in assembling this site and creating an exciting, deliverable scheme with the potential to achieve significant value on behalf of our shareholders.”
