Shrewsbury shopping centres to merge
Shrewsbury's three shopping centres are to be merged into one 650,000 sq ft retail scheme called New Riverside it was announced today.
A£150m retail revamp will take place which will see the Riverside Mall being redeveloped, and the Darwin and Pride Hill centres refurbished. The centres will be linked by covered areas.
The redevelopment will create a further 225,000 sq ft of retail space in the newly combined centre, including a 97,000 sq ft department store and up to 60 shops and restaurants.
The developers hope to submit a planning application to Shropshire Council in October and if approved work could start on the development by summer 2013 and be completed by autumn 2015.
The plans were revealed after being finalised by the UK Commercial Property Trust (UKCPT) and Shearer Property Group.
UKCPT, which is managed by Ignis Real Estate, bought the Darwin, Pride Hill and Riverside Mall shopping centres in April 2010 for £61m, and will combine the centres into one scheme. It is thought the scheme could be worth around £250m on completion.
Guy Shearer, founder of Shearer Property Group, said: “Shrewsbury has fallen behind in the last few years because the town simply does not offer the size or quality of units required by modern retailers. The catchment is very strong, but trade is leaking elsewhere.
“Shrewsbury town centre has not seen any significant development for 20 years. The redevelopment of Riverside anchored by a full-line department store and refurbishment of Pride Hall and Darwin is well overdue and will take Shrewsbury into the retail premier league.”
