As developers continue to invest increasing amounts of money into retail assets, many are choosing to take the opportunity to redevelop shopping centres as a means of attracting a greater diversity of retail and leisure tenants.The latest developer to post an intention to expand a major asset is Lend Lease, which has entered into a development agreement with Solihull Council with regards to the town’s Touchwood Shopping Centre.
Under current plans, two existing council buildings in close proximity to the main centre will be demolished to create space for an additional 30 retail units and restaurant spaces. The extension will measure around 115,000 sq ft, although plans will not be formally submitted until the ongoing public consultation into the future of the centre has concluded.
Senior development manager at Lend Lease, Alexandra Brown, says; “Touchwood has been a very successful scheme for us and for the wider town centre but it is important we continue to evolve and refresh and keep pace with change in the retail industry, and also to cater to our shoppers’ and guests’ needs and wants.
“Obviously the town centre is thriving – it’s a great town centre – and we want it to continue that way as we believe in the town centre and the future of Touchwood.
“A wider strand is food and beverages: we see there is a huge opportunity to bring more evening economy into the town centre and the proposals have been developed with that in mind – part of the scheme will be restaurant-led and the courtyard will have a nucleus of cafés and restaurants.”
So far, developers have decided that the retail units in the extension should be double height as this will be a good way of enhancing the visible profile of tenants moving into the scheme. In addition, Lend Lease wishes to create a significantly larger unit contained within the extension, presumably for use as a new anchor store.
It is currently expected that around eight new café and restaurant units will be created in order to strike a balance between the retail and leisure mix of the extension, with the majority being constructed around a central courtyard in order to enable alfresco dining. A new entrance will also be created onto Solihull High Street, necessitating the move of several existing tenants including BB Boutique, Letting Places and Revital Health Shop.
Lend Lease intends to submit a planning application by the end of this year, allowing for a start to be made on the site by 2016 and completion of the project by 2018. It predicts that around 400 permanent jobs will be created as a direct result of the expansion, with around 500 new positions to be created during the construction phase.
Ms Brown believes that the expansion of the 650,000 sq ft centre is vital, saying; “The retailing landscape is changing and shopping is much more of a leisure pursuit than it once was. Retailer demands have changed – they want larger stores.”
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