During the recession, a number of development schemes around the country stalled due to a lack of funding. Now, as the recovery continues to intensify, a growing number of these projects are restarting, including a £30 million retail and leisure development in Stratford-upon-Avon town centre.
Although a number of proposals for the regeneration of the town centre have been put forward in the past decade or so, the recession halted any progress which may have been made in the years since 2008. However, property development and investment firm UK & European has now stepped in and, after successfully purchasing Stratford Town Square, has confirmed work will begin early next year.
The scheme will see around 30 new retail units, along with a number of restaurants and leisure facilities, delivered as a means of making Stratford a key competitor for consumer spending in the local area. Altogether, it will provide more than 50,000 sq ft of new retail space along with a multiplex cinema to be occupied by a major national brand.
Finance and physical resources portfolio officer at Stratford-upon-Avon District Council, Councillor Lynda Organ, welcomed the news that the long-awaited regeneration will finally be put into action next year.
She said; “The regeneration of Stratford Town Square has been stalled for a number of years now so it is fantastic news that UK & European has purchased the site and is set to begin the transformation of the area into a welcoming and attractive retail and leisure destination.”
UK & European will act as investment manager for the scheme and currently owns the lease for Stratford Town Square, which it purchased earlier this year from London & Regional Properties. However, the development firm will involve both the local community and the council in all plans, as two thirds of the Square is owned by Stratford District Council and the remaining third by the Stratford Town Trust.
Acquisitions director at UK & European, Jane Jeffery, believes the site will prove successful in attracting new retailers and leisure operators to the town.
She says; “Our aim is to create a new high quality shopping and leisure destination in Stratford town centre that attracts people both living and visiting the area, by bringing a renewed vibrancy to the site.
“We expect work to start on the site next year and are already in talks with a number of retailers and restaurant operators who are interested in occupying some of the available units at Stratford Town Square.”
