UK Commercial Property Trust Limited announces that it has received planning consent from Shropshire Council for its proposed New Riverside redevelopment in Shrewsbury and has signed a pre-let agreement with anchor tenant Debenhams for the creation of a 95,000 ft² (approx. 8,800 m²) 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 centers into a single, combined center called New Riverside.
The £150 million (approx. 183 million) regeneration project will include the demolition of the existing Riverside center and the construction of a new 225,000 ft² center that will be integrated with the Darwin and Pride Hall centers and provide stronger links to the town center.
In addition to the 95,000 ft² department store, there are plans for 50 new shops, 10 restaurants, offices and car parking; combined, the enlarged center will extend to 680,000 ft² 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, commented: "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."
Source: FTI Consulting