A planning application has been submitted by Chapman Taylor for a £150 million regeneration project to replace Shrewsbury’s three existing shopping centres with one giant new mall
According to the AJ’s sister publication Construction News, developer UK Commercial Property Trust has drawn up the plans that would see the existing Riverside centre demolished and replaced with a new 225,000 sq ft building which would be integrated with the Darwin and Pride Hall facilities.
The enlarged centre will extend to 48,000m² and feature a 9,500m² department store, 50 new shops, 10 restaurants, offices and car parking.
Subject to planning consent being achieved and the signing of pre-lets with tenants, the redevelopment is scheduled for completion in 2016.
UKCPT believes that Shrewsbury has significant potential as a retail destination, as a sub-regional county town with a large, affluent catchment area, where no new retail space has been built in the past 20 years.
The planning application follows a period of consultation with the council as well as a public exhibition.
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.’