Shopping centres hope to bridge gap
Thursday 18th March 2010, 10:18AM GMT.
Hopes were renewed today that the sale of Shrewsbury’s two main shopping centres could finally mean they will be linked together.
There have been calls for a “gap” site in Raven Meadows to be used to link the Pride Hill and Darwin centres in the town for many years.
Yesterday it was revealed that the shopping centres had been snapped up in a £61 million deal.
And today Morris Property, which owns the “gap” site, revealed it was hopeful the sale could help pave the way for centres to be joined.
It is using the site in Raven Meadows between the two shopping centres as a temporary car park.
But the firm already has planning permission to develop the site as a four storey mini-shopping centre and has previously talked about the possibility that it could be linked to the existing shopping centres.
No deal was agreed between Morris and the previous owners of the malls, Protego Real Estate Investors, but now that they have been snapped up by Ignis Asset Management, talks could take place.
Robin Morris, of Morris Property, said: “We are pleased to see fresh investment. We have not had the opportunity to meet with the new owners but are keen to do so given that the ‘gap’ site is ‘oven ready’ and benefits from detailed planning consent to link the two shopping centres”
Ignis has bought the Darwin, Pride Hill and Riverside shopping centres for just over half of what was paid for them four years ago by Protego.
UK Commercial Property Trust, managed by Ignis, became front runner to buy the centres when they were put up for sale last September and is working with Shearer Property Group which will act as asset manager to the centres.
A spokesman for Shearer Property Group said yesterday that contracts had been exchanged but there was a number of conditions to be met and the deal was not due for completion until the end of the month.
By Russell Roberts
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Why? Most of Shrewsbury’s trade takes place on the outskirts of the town where there’s better transport infrastructure. That’s where the investment should be.
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Why bother they will still be shut on a Sunday!!
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Why, because they will make loads of money?
I do hope that we get a quasi georgian, mediaeval, victorian/disneyland extraganza that will blend in and be in keeping with all the other pastiche that Shrewsbury is becoming famed for.
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