UKCPT secures planning consent for GBP150 million Shrewsbury redevelopment
By Bridging Loan Directory -
UK Commercial Property Trust has received planning consent from Shropshire Council for its proposed New Riverside redevelopment in Shrewsbury and signed a pre-let agreement with anchor tenant Debenhams for the creation of a 95,000 sq ft department store.
The grant of planning consent follows a consultation process with the Council and a wide range of local stakeholders, culminating in UKCPT’s application in January to transform its three existing shopping centres into a single, combined centre called New Riverside. The GBP150 million 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.
In addition to the 95,000 sq ft department store, there are plans for 50 new shops, 10 restaurants, offices and car parking; combined, the enlarged centre will extend to 680,000 sq ft and continue to represent the principal retail focus for the town.
UKCPT is being advised on the redevelopment by Ignis Asset Management and Shearer Property Group.
Christopher Hill, Chairman of UKCPT, said: “The Council’s decision to approve our plans and the signing of a pre-let with a leading national department store operator in Debenhams represent 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.”