NewRiver confirms plans for Birmingham shopping centre redevelopment
RETAIL REIT NewRiver has confirmed it is to press ahead with the major redevelopment of a Birmingham shopping centre.
The investment trust announced to the London Stock Exchange today that following planning permission from Birmingham City Council it intended to begin work on the Central Square Shopping Centre in Erdington as soon as possible.
The 45,000 sq ft centre was acquired by NewRiver in 2010 as part of a $53m portfolio of five shopping centres. The redevelopment will provide for a new 25,000 sq ft supermarket with four additional independent units together comprising around 20,000 sq ft retail space. There will also be a new 230-space surface car park.
NewRiver said it would be working in partnership with Birmingham City Council and that the redevelopment scheme, which it said had won local support, would be of wider economic benefit to Erdington.
It said the city council’ objective to safeguard the vitality of the town centre had been fully recognised and welcomed.
The development could be in competition to a site nearby where permission has been granted for a new Sainsbury’s supermarket.
NewRiver said its scheme demonstrated its active asset management expertise and the company’s ability to enhance the value of its assets.
Allan Lockhart, Property Director at NewRiver said: “We are delighted to have received unanimous approval for our extensive regeneration of Central Square shopping centre and Erdington town centre. This major redevelopment will act as a catalyst for the regeneration of the area and demonstrates our commitment to enhancing our asset base and to revitalising the local area.
“The introduction of a major new food store will significantly improve the retail offer, drive increased footfall to the area and create approximately 250 jobs all for the benefit of the town, customers and local retailers. We now intend to work with all stakeholders to advance this important town centre regeneration.”