href=”http://www.eginew.co.uk/Articles/ArtIcle.aspx?liArticleid=441882″>AMP Asset Management has paid Blackpool Council £4.3m for the freehold of the town’s Hounds Hill Shopping Centre, in advance of refurbishing the 1980s scheme.
href=”http://www.eginew.co.uk/Articles/ArtIcle.aspx?liArticleid=441882″>The fund plans to create a new cafe and gallery on the first floor, and a new 185 sq m (2,000 sq ft) unit on Victoria Street. AMP bought the long leasehold interest in the 12,263 sq m (132,000 sq ft) Lancashire centre from P&O Properties for £6.6m in 1993.
href=”http://www.eginew.co.uk/Articles/ArtIcle.aspx?liArticleid=441882″>AMP’s revamp of Hounds Hill is the third major retail development planned for Blackpool. Last November Oakgate bought the former Littlewoods store and announced plans to redevelop into the building as smaller units. And in June 1996 the Environment Secretary granted Hallam Land consent for a 24.28 ha (59 acre) mixed use scheme at Westby, near Blackpool. The scheme will include 7,897 sq m (85,000 sq ft) of non-food retail.
href=”http://www.eginew.co.uk/Articles/ArtIcle.aspx?liArticleid=441882″>Hillier Parker, who acted for AMP, has been retained as managing and letting agents.
href=”http://www.eginew.co.uk/Articles/ArtIcle.aspx?liArticleid=441882″>EGi News 04/02/97
