UK Commercial Property Trust has secured Debenhams to anchor its £150m New Riverside development in Shrewsbury, Shropshire.
The department store chain has agreed to take a 95,000 sq ft store at the development, which got approval this week.
UKCPT plans to knock down the existing Riverside shopping centre and replace it will a 225,000 sq ft new scheme that will link with the nearby Darwin & Pride Hill mall to create a 680,000 sq ft shopping centre.
The new development will add 50 more shops, 10 restaurants, offices and parking.
UKCPT chairman Christopher Hill said: “The council’s decision to approve our plans and the signing of a prelet 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.”
UKCPT is being advised on the redevelopment by Ignis Asset Management and Shearer Property Group.
jack.sidders@estatesgazette.com
