Traders in Thornbury raise fears over possible expansion of The Mall
8:30am Friday 13th July 2012 in News By Marion Sauvebois
FEARS are growing over the future of Thornbury’s High Street and shopping centre as controversial plans to expand The Mall at Cribbs Causeway by two thirds are being considered.
The Mall is looking to increase its floor space by 35,000 square metres to establish itself as a leading shopping destination in the South West and attract new big-name stores.
However, expansion on such a monumental scale could take its toll on small market towns like Thornbury, which are already struggling to stay afloat in the economic slump.
And with Clinton Cards forced to pack up at St Mary Shopping centre and Julian Graves threatening to close down, the High street in Thornbury is already in a precarious situation.
Richard Edwards, who runs gift and framing shop Surroundings in St Mary Street, told the Gazette: "I would not want The Mall to expand. I would be worried. But I don't know anything about it. I have not seen the plans."
Town councillor and town centre partnership member Maggie Tyrrell also felt that the proposals, if adopted, would inevitably have an impact on Thornbury.
"It might make it even more difficult if we get more competition at Cribbs Causeway," she said.
"We will just have to make sure people know that Thornbury shops do stock a lot of what they want. A lot of people don’t bother to look and we do have to keep emphasising the positives of shopping in Thornbury."
The Mall has 135 shops and provides 66,000 square metres of retail space.
The proposal is currently being examined by an independent planning inspector as part of the public inquiry into South Gloucestershire Council’s 15-year blueprint.
If the expansion plans are given the green light, The Mall will enter a whole new league, becoming one of the UK’s top 20 shopping centres.
St Mary Shopping Centre owner, the Peer Group, called the plans "wrong".
Richard Blake, asset manager for the company, said: "It just seems wrong. What would be disappointing is if it was getting so big it absorbed all the shopping streets in the area."
The Mall said the plans would help create more than 100 jobs but insisted that nothing had been decided upon.
Speaking on behalf of the joint owners, David Morris said: "If any expansion were to proceed it would be undertaken with full public consultation at every stage. In the meantime, as major stakeholders in the region, the owners continue to actively engage with South Gloucestershire Council on the formulation of long-term regional policy."
Retail giants battle over Croydon site - The Independent
The FTSE 100-listed Hammerson has emerged as a contender in discussions with the charity that part-owns the Whitgift shopping centre in Croydon. The news follows last week's announcement from the Australian shopping centre giant Westfield, of its exclusive arrangement with the Whitgift Foundation – the freeholder of Whitgift shopping centre – to look at development options for the centre.
The ownership of the 1.2m sq ft Whitgift centre is complex. Irish Bank Resolution, formerly the Anglo Irish bank, and Royal London Asset Management own the long leasehold of the centre.
Irish Bank is seeking to work out a more simple ownership structure for an eventual sale. It hired the property agent Jones Lang LaSalle to advise on the structure of a sale. Following Westfield's announcement, Royal London said: "We are aware of several other major shopping centre developers similarly capable of delivering an excellent scheme in Croydon. We are continuing the process of identifying the most appropriate partner."
Hammerson, which has long-term plans for giant retail schemes in Brent Cross, in north London, and in Leeds and Sheffield, and Westfield are not the only property companies to be in the running for the development. The specialist developer Capital Shopping Centres has expressed interest, while the listed property company British Land, and the Australian developer Lend Lease are also in talks, along with Meyer Bergman and Area.
André James, an investment agent at Colliers, said: "The Whitgift Centre is a complex legal and physical structure. The three ownerships have evolved from the original Whitgift joint venture in the 1970s."
Hammerson, whose share price stood at 399.8p on Friday, went on a buying spree at the start of the year scooping up a £400m portfolio from Kuwaiti property company St Martins. The haul included the Centrale shopping centre in Croydon. It is keen to be involved in any new development in Croydon as it would not want Centrale to be overshadowed.
One expert said: "Westfield has the expertise and the balance sheet, and with the success of their two centres in the east and west of London they would be good for Croydon. They have proved they can deal with complex land ownership rights and get a scheme developed."
Riot-scarred Croydon has been waiting for a new retail heart for decades. The property company Minerva had a scheme called Park Place but after a series of problems Delancey took control of Minerva this year and it now owns the large site in the town which houses department store Allders of Croydon.
But, the town is not devoid of new retailers and Whitgift has been attracting tenants with the help of the asset manager Vale Retail, such as New Look and Superdry, which will open soon.
Anglo Irish became part owner of the Whitgift when it took control of the Irish borrower Howard Holdings. The value of the shopping centre has declined from £500m at its peak four years ago to around £350m today. Anglo Irish is keen to re-coup its debts.
The ownership of the Whitgift Foundation dates back to Tudor times. The existing shopping centre was part of a development built by Ravenseft in the 1960s.
The shopping centre has two towers of offices above that are let to the Home Office and will become vacant next year.
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