UK Commercial Property Trust has submitted a planning application for the £150m redevelopment of its three shopping centres in Shrewsbury .
The £150m regeneration project will include the demolition of the existing Riverside centre and the construction of a 225,000 sq ft scheme that will be integrated with the Darwin and Pride Hall malls and provide stronger links to the town centre.
The proposals consist of a 95,000 sq ft full-line department store, 50 shops, 10 restaurants, offices and car parking. Combined, the enlarged centre will extend to 480,000 sq ft and continue to be the principal retail focus of the town.
Subject to planning consent from Shropshire council and the signing of prelets with tenants, the redevelopment is scheduled for completion in 2016.
UKCPT chairman Christopher Hill said: “The New Riverside project in Shrewsbury is a significant project for UKCPT, and a transformational scheme for the town.
“In conjunction with its development manager, Shearer Property Group, UKCPT has a wealth of expertise and experience in active asset management of retail property.
“We have been able to draw on those skills in assembling this site and creating an exciting, deliverable scheme with the potential to achieve significant value on behalf of our shareholders.”
Nick.whitten@estatesgazette.com
