Hammerson PLC said it has received outline planning consent for St Oswald´s Park, Gloucester, a retail-led mixed use development on a site of 53 acres close to the city centre.
Hammerson said it is anticipated that the first phase of the construction of this scheme will begin in the second half of 2004 with a construction period of approximately 12 months. Hammerson´s total development cost is estimated to be 62 mln stg.
The scheme will include 16,700 sq m of retail accommodation, served by 1,000 car park spaces, and 8,300 sq m of leisure use. Units are currently under offer to B&Q and Comet, representing approximately 65 pct of the estimated retail rental income of the scheme.
In addition there will be 9,300 sq m of space devoted to light industrial and distribution uses.