Foreign funding bid to get £150m Shrewsbury mall

Shrewsbury and Atcham MP Daniel Kawczynski said he would be working with Nick Baird, chief executive of UK Trade and Investment, to identify and attract foreign investors into the project.

It comes after developers admitted the project to revamp Shrewsbury's shopping centres and build a giant interlinked mall had been delayed by at least two years.

Mr Kawczynski said ensuring the redevelopment of the shopping centre took place as soon as possible was a 'top priority' for him.

"The Riverside Shopping Centre project represents a fantastic opportunity for Shrewsbury.

"Not only will the shopping centre be a lively new hub of activity in the town, but it will add to the local economy as its brings new jobs and attracts shoppers from around the county into town," he said.

"Ensuring the development continues without interruption is a top priority – I will be working closely with the chief executive of UKTI Mr Nick Baird to find potential investors to further support the project."

Work had originally been planned to start on the shopping centre development this summer but, due to delays in organising land purchases construction is now not due to start until 2015, with building scheduled to take two-and-a-half years to complete.

Guy Shearer, from Shearer Property Group, one of the organisations behind the New Riverside scheme, said earlier this week that while it was 'full steam ahead at the moment' for the scheme, building owners UK Commercial Property Trust had the scheme under regular review.

He said the current economic situation had meant the scheme's overall viability was under assessment, but UKCPT were continuing to support the project.

Mr Shearer said that UKCPT had suffered 'considerable loss of income' from shops closing down in the existing centres.

"They continue to support and progress the New Riverside scheme, but naturally this is subject to regular review by their board of directors," he said.