UK Commercial Property Trust (UKCPT) has submitted a £150m plan to Shropshire Council in the UK for the redevelopment of three shopping centres in Shrewsbury into a combined mall called New Riverside.
The redevelopment will see the demolition of three shopping centres in Shrewsbury – Pride Hill, Darwin and Riverside – and the construction of a new 225,000ft² combined shopping centre which will be integrated with the Darwin and Pride Hall centres as well as provide stronger links to the town centre.
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," added Hill.
The plans include a 95,000ft² full line department store, 50 new shops, ten restaurants, offices and 300 underground parking spaces.
The expanded centre will extend overall to 480,000ft² and continue to represent the principal retail focus of the town.
The shopping mall will be covered by a glass, petal-shaped grid shell roof, similar to designs at Cabot Circus in Bristol and Trinity Leeds.
UKCPT said Shrewsbury has significant potential as a retail destination, as a sub-regional county town with a large, affluent catchment area, where no new retail space has been built in the past 20 years.
Shearer Property Group and Ignis Asset Management, the developers behind the regeneration project expect to start work in summer 2013 after getting planning permission; the development is expected to be completed in 2016.