Back
News

Watford council buys Woolies store for Charter Place plans

 


Watford council has acquired the 45,000 sq ft former Woolworths store in the town centre as part of its plans to redevelop the run-down Charter Place shopping centre.


 


The council is considering reletting the three-storey property as it works up long-term plans for a redevelopment and extension of the 250,000 sq ft Charter Place.


 


Capital Shopping Centres, whose Harlequin retail centre lies adjacent to Charter Place, had been negotiating with the council over bringing forward the redevelopment but talks fell through.


 


Last March Watford launched a fresh search for a development partner.


 


The plans comprise new or refurbished shops, a cinema, flats, the relocation of the market and improvements to the town square in Market Place.  


 


The council hopes to agree and complete development plans by 2013.


 


Peter Mitchell, head of property at Watford council, said: “This is a key purchase for Watford council as it starts the site assembly process for the redevelopment and extension of Charter Place.


 


“It also gains control of a strategic location, allowing the council to influence the future retail ownership in Charter Place.”


 


Mark Poyner of Brasier Freeth said: “The purchase of the Woolworths building demonstrates the continuing commitment by the council to rejuvenate Watford town centre by taking a proactive approach to managing and extending their property portfolio whilst investing for the future benefit of shoppers and the local community.”


 


Brasier Freeth is advising Watford council.


 


annabel.dixon@rbi.co.uk

Up next…