£150m plans for Shrewsbury shopping centre
UK Commercial Property Trust (UKCPT) has submitted a planning application for a £150m redevelopment of three shopping centres in Shrewsbury.
The investment company has submitted its proposals to Shropshire Council to turn Pride Hill, Darwin and Riverside into a single, combined centre called New Riverside.
The £150m regeneration project will include the demolition of the existing Riverside centre and the construction of a new 225,000 sq ft centre that will be integrated with the Darwin and Pride Hall centres.
The proposals include a 95,000 sq ft full-line department store, 50 new shops, ten restaurants, offices and car parking – the enlarged centre will extend to 480,000 sq ft overall.
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."
Subject to planning consent being achieved and the signing of pre-lets with tenants, the redevelopment is scheduled to be finished in 2016.
