Manchester-based Modus Properties is pushing itself into pole position for the £100m redevelopment of Newport city centre.
The developer has bought two key sites within the proposed 350,000-400,000 sq ft retail-led scheme. It paid Royal Bank of Scotland around £10m for 19-29 John Frost Square and 1-9 Upper Dock Street.
The two blocks provide about 39,000 sq ft of shopping space and tenants include New Look, Officers Club, Iceland and the Co-operative Bank.
Modus has been shortlisted by urban regeneration company Newport Unlimited to submit plans for the redevelopment, along with AMEC, St Modwen and Wilson Bowden Developments.
Tim Heatley, development surveyor at Modus, said: “We’re not doing this in the belief that it will definitely lead to us getting picked, but it might show Newport Unlimited that we are committed to it.
“We hope it demonstrates that we want to be involved, that we are excited about the potential and are more than happy to spend the money.”
He added that buying the properties would also help Modus to “get a feel for the town”, and a better idea of what could be done to improve it.
Modus wants to develop a 500,000 sq ft scheme with 450,000 sq ft of shops and the rest leisure. It also wants to add a significant amount of residential space to the city centre. Heatley said it would like to develop a tower with at least 50 flats.
Proposals must be submitted by the end of January, with a development agreement to be signed by 1 May. The preferred developer will be informed by the end of March.
Tushingham Moore acted for Modus, and Lunson Mitchenall advised RBS.
References: EGi News 10/12/04
