UK Commercial Property Trust (UKCPT) and their development partners, Shearer Property Group, have started the demolition and reconstruction of The Parade Shopping Centre in the retail heart of Swindon.
UKCPT, who own this important site, are sending the bulldozers in to demolish the existing Bhs store in order to make way for 80,000 sq ft of prime new retail space.
This will comprise a new variety store of 45,000 sq ft for the latest Bhs concept, together with six additional retail units. The unit on the corner of Bridge Street and The Parade will form a new 10,000 sq ft flagship store for TopShop and another flagship store of 9,000 sq ft has been designed for River Island.
Only four units now remain available to let. Swindon Borough Council granted planning consent in May 2009 enabling UKCPT and Shearer Property Group to proceed with the project, which will have a value in the region of £25m once completed.
Robert Boag of Ignis Asset Management, fund managers for UKCPT, said: “I am pleased that the hard work for all concerned is about to manifest itself in the start of the redevelopment work. The creation of modern retail space for Swindon will attract other retailers to the town, which the shoppers in Swindon deserve. It ensures that the focus of retailing for the town will continue to be The Parade.”
Guy Shearer of SPG said “In this challenging economic climate, we are delighted to announce the commencement of this important redevelopment – it will transform this prime corner in the heart of Swindon’s retail hub. The news that Bhs, Top Shop and River Island will all take new flagship stores demonstrates retailer confidence in the future of Swindon.”
Retail letting agents on the project are GVA Grimley and Jones Lang LaSalle.
