Franchising, retail, business
29/10/2015
Plans have been unveiled for a multi-million pound transformation of a shopping centre in Peterborough.
The Ortongate Shopping Centre has just been bought for about £7 million by property investors Reef Estates, which is looking to spend a further £3 million to £4 million to give its 195,000 sq ft of retail space a new look.
The firm says it has already secured a well known discount food retailer to move into the centre once the proposed works are complete.
It is expected that the proposals will create a “significant” number of jobs.
The plans will go on display to the public next month before a planning application is submitted to Peterborough City Council.
Reef Estates have recently bought the Ortongate Shopping Centre from CBRE Global Investors.
A spokesman said: “The shopping centre is located at the heart of the Ortons and currently extends to 195,000 sq ft of retail space with parking for 576 cars.
“The centre is anchored by the Co-operative Food store, Wilkinson and QD Stores.
“Reef Estates propose to reposition the centre through significant urban regeneration which will include physical improvements and an asset management strategy that seeks to increase the amount of retail space, occupancy levels and improve the tenant mix.
“This will involve Reef Estates investing a significant amount of further capital in to the centre and will create a significant number of employment opportunities and result in a much improved shopping offer for the local population.
He added: “A number of new lettings have already been agreed and Reef Estates expect to submit a planning application before Christmas to approve the works associated with these lettings.”
Ahead of the planning application, Reef Estates are holding a public consultation on November 9 between 10am and 2pm within a vacant retail unit fronting the main car park at The Ortongate Centre.
The spokesman said: “Reef Estates invites residents and all interested parties to visit us on November 9 in order to learn more about the proposed development and see the latest plans and artist impressions.”
By:http://www.peterboroughtoday.co.uk/news/business/business-news/10m-investment-for-city-shopping-centre-1-7036669
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