Stanhope is in talks with Leeds-based developer Caddick to help it finally bring forward a shopping centre project in Essex.
Caddick has had plans to develop Colchester’s Vineyard Gate for five years, but was held back by the downturn.
Stanhope is expected to inject some equity into the scheme, which has been revised down from a £250m, 550,000 sq ft project to a £70m, 155,000 sq ft shopping centre.
Johnny Caddick, director at Caddick Developments, said: “We have had approaches from various developers. Our focus is on signing a development agreement with the council and securing anchor store tenants.”
The current scheme comprises 25 shops and restaurants, including two anchor stores totalling 70,000 sq ft. The scaled-back plans were approved in January and completion is scheduled for 2016.
The original 550,000 sq ft scheme was expected to have started on site in 2010, but was scrapped in 2009.
Stanhope has been increasing its activity recently. This month it was chosen as preferred purchaser of BBC Television Centre in White City, W12, paying £200m for the 14-acre site. And this week, Crawley council appointed it as preferred partner to bring forward a retail-led regeneration of the town centre.
• LaSalle Investment Management has put Colchester’s Lion Walk shopping centre up for sale. It is seeking £60m – a 7.25% yield – for the 236,000 sq ft mall. Savills is advising.
annabel.dixon@estatesgazette.com
