Ashcroft Estates, acting for the Charterhouse Shopping Centre Fund II, has won consent for the first phase of its £20m upgrade of the Yate Shopping Centre in South Gloucestershire.
Consent has been granted for the break-up into four units of the former Somerfield supermarket in the 281,365 sq ft (26,183 sq m) centre.
The units will range in size from 1,000 sq ft (93 sq m) to 6,500 sq ft (604 sq m) and include a 3,500 sq ft (325 sq m) fast food drive-thru restaurant.
A restaurant and the largest unit of 6,500 sq ft are also under offer.
Ashcroft Estates’ director Tony Baker said: “Future phases of the centre revamp will include a new café in the central square and new large footprint stores as well as leisure units and a health club and we have every confidence that demand will run as high for these as it has done for the four units in Phase 1.”
Developed by MEPC, Yate Shopping Centre was opened in 1965 and refurbished in 1990.
In addition to anchor tenants such as Tesco, Bewise, Iceland, Superdrug, New Look, Boots, Argos and Woolworths, the centre comprises 94 shops, 19,170 sq ft (1,831 sq m) of offices and 300 flats.
The Yate Shopping Centre is one of 11 shopping centres held in the Charterhouse Shopping Centre Funds I and II portfolios, which were created by and are now managed by Ashcroft Estates.
Joint letting agents are Mansfield Elstob & Main and DTZ.
The Charterhouse Shopping Centre Funds I and II are being marketed for sale through Jones Lang LaSalle.
EGi News 11/10/02
