Having bought a key parcel of land from the local council, the Rockfort Group have submitted a detailed planning application for a £50m retail complex in Newport, Gwent, South Wales.
The developers propose 150,000 sq ft of shops with a food plaza, and a 300-space car park. Called Caerleon Place, the scheme will adjoin the existing Boots and C&A stores in Commercial Street, where rents are currently £120 per sq ft zone A.
The cost of the site — of which Rockfort now owns 70% — is estimated at some £13.5m. The company, backed by the Land Authority for Wales, are in discussion with the remaining owners, and hope to control the entire site by 1990. Construction is expected to start at the end of next year, with completion set for 1992.
Burton Property Trust already have planning consent for a £70m shopping centre of 270,000 sq ft in the town centre. However, a Rockfort spokesman did not view Burton’s scheme as being in competition.
Colin Buckle & Co, Healey & Baker and E J Hales & Partners are advising the developers.
