£60m retail scheme unveiled for Wigan

PLANS are afoot for a £60m remodelling of Wigan town centre led by a London developer.

Vale Retail’s proposals involve partially demolishing the Galleries Shopping Centre to re-establish the town’s old street pattern.

It does not have a funding partner lined up but will seek backing once planning is approved.

A masterplan includes larger retail units, space for a cinema, gym and restaurants and proposes moving the town’s market which is part of the shopping centre but leased by the council.

Makinson Arcade would be preserved and updated, and lend its name to the new area which will be called the Makinson Quarter.

The arcade, the Galleries and the neighbouring Marketgate centre are part of Propinvest’s Gemini portfolio which went into administration last year.

CBRE Loan Servicing appointed Deloitte to handle the estate which has 34 assets valued at £437.7m in March 2012, and outstanding loans of £850.3m.

Councillor David Molyneux, deputy leader of Wigan Council and cabinet member for the economy, said: “This is a tremendous vote of confidence in Wigan Borough. Here we have a private company wanting to invest a huge sum of money in our town during a challenging time for the economy. It’s fantastic news and demonstrates again the massive potential of this area.

“At the moment, the town centre is coping comparatively well with the tough economic climate and changing retail habits. But we’ve got to move forward. I think if this scheme goes ahead, Wigan would be the best retail destination in the North West outside of the major cities.

“Moving the market could be a challenging process and the council will want to consider carefully how that is managed. But I think this could be a shot-in-the-arm for the traders as the proposed new market location puts them right in the centre of the town’s retail heart and is opposite the bus station, which is also set to undergo a multi-million pound transformation and expansion.”    

Vale is expected to submit a planning application within months. The business owns or operates six shopping centres including the Wheatsheaf in Rochdale and Prescot Shoping Centre, Merseyside.