Hammerson plc and Hermes have received confirmation from the Government Office for East Midlands of the resolution to grant planning consent for the Shires West proposals, which was given by Leicester City Council on 20 April 2004.
The scheme, which is adjacent to the existing 47,800 m² Shires shopping centre, owned 60:40 by Hammerson and Hermes, will include 50,000 m² of retail accommodation, served by 2,000 car park spaces, 6,000 m² of restaurant and leisure uses, including a cinema, and 118 residential units. The proposals will also include a refurbishment of the existing centre.
As announced in March, John Lewis Partnership has agreed terms for a new 20,000 m² department store, providing a full range offer, at the Shires West scheme.
It is anticipated that construction of Shires West will begin during summer 2005, with completion in early 2008. The total cost of Shires West is estimated at £250 million, of which Hammerson’s 60% share would amount to £150 million.
The development of Shires West represents a key part of the masterplan for the city centre currently being implemented by Leicester Regeneration Company and the City Council.
John Richards, Chief Executive, Hammerson plc, commented: “ We are very pleased that the way has been paved to regenerate this important site in Leicester. Together with Hermes, we have been working closely with both Leicester City Council and Leicester Regeneration Company to bring forward this exciting scheme. I am confident that Shires West will enhance the whole city by providing a thriving and vibrant retail destination serving the entire region.”
Andrew Martin, Director Retail Group, Hermes, said: “ We are delighted at the prospect of offering shoppers an exciting new retail destination in Shires West and look forward to working with Hammerson, Leicester City Council and Leicester Regeneration Company in taking forward these proposals.”