Princesshay shopping centre’s £75m extension cancelled
The developer behind the proposed £75m extension to Exeter's Princesshay shopping centre has announced it will not go forward with the plan due to “current market conditions”.
The proposals, first submitted for planning approval in July 2015, had included a redevelopment of the bus and coach station site to create 180,000 sq ft of new leisure accommodation incorporating new restaurants, shops and a cinema.
But The Crown Estate and its partner TH Real Estate announced this week that they are no longer able to progress with the proposed plans, as many retailers and restauranteurs are more cautious about making new commitments in the current market, particularly in proposed developments.
The shopping centre is home to over 70 of the best high street names, including Topshop, Topman, River Island, Apple, Joules and Fat Face. The latest brands to join the retail scheme include Lush and New Look Men.
John Grinnell, deputy head of development and project management at The Crown Estate, said: “We know this is disappointing news for many people, including for our own team who have been working hard for over two years, along with a team of architects, agents and advisors, to try to make this project work.
“We want to be clear that we remain as committed as ever to Exeter and to the existing Princesshay centre, which is a fantastic shopping and restaurant destination in its own right. We’re now looking at what more we can do at Princesshay to further enhance the experience for shoppers and will continue to work closely with the Council and others in the area to help achieve this.”
Derek Phillips, vice president of Exeter Chamber said: “The Chamber is disappointed that the developers have pulled out of the scheme. We fully support the City Council in seeking an alternative proposal to ensure that this very important area is improved, to complement the great success of Princesshay.”
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