Although many large scale leisure developments have been announced in recent months, the majority are taking place in major cities throughout the UK – a sign that developers have not yet regained all of the confidence lost by several years of recession.
Bucking the trend is the Yate Riverside complex in South Gloucestershire, which will see contractors ISG begin the site clearing works in preparation for the construction phase next week.
ISG will establish their contractor’s compound and remove trees and shrubbery from the site in order to pave the way for foundations to be laid. This process is expected to take around four weeks and will be immediately followed by the launch of the construction phase.
Manager at the neighbouring Yate Shopping Centre, Andy Lowrey, says; “It has taken us several months to clear the preparatory work involved with the planning permission but people will now notice activity on the site.
“We will be starting a communications programme this week to ensure all the immediate neighbours, wider community and shoppers are aware of what is happening.
“We have also been working closely with South Gloucestershire Council officers and Natural England to minimise the impact on any wildlife and this process will be ongoing throughout development.”
Once completed, the leisure development will offer consumers a number of new facilities including three retail units, up to seven cafes and restaurants and a multiplex cinema operated by Cineworld.
Should work remain on schedule, developers expect construction work to begin no later than spring 2015 with the complex set to open in spring 2016.
It was revealed in December that around 70 per cent of available units have already been pre-let, with high street retailers and national restaurant brands driving the high demand. There were also a number of parties on the verge of closing deals at that point, indicating that the development is likely to be fully let by the time the construction phase begins.
In an update to Yate Town Council, group property controller for site owner and developer Crestbridge, Mark Hull, revealed that the firm will be submitting a planning application concerning redevelopment works to the main shopping centre thanks to a high level of occupier interest in the leisure aspect.
He said; “Unfortunately it looks as though we won’t be able to accommodate all the interested parties but in some ways that is a good thing.
“As a result of this interest, we have received offers from some common high street names interested in coming to the main shopping centre.
“Early next year we will be submitting plans to reconfigure some of the West Walk to create a new unit that is currently attracting interest from two major high street names – it is encouraging that our vacancy rate is roughly half the national average and there is scope to reduce this further over the next few months.”
Do you think the level of demand for units in both the new and existing developments indicates that a strong leisure offering is something consumers now seek in all major regional retail destinations?
