Shopping centre redevelopments continue to be hugely popular amongst UK commercial property investors and development groups, with many now choosing to look further afield for potential properties to acquire. This has been the case for Aberdeen based Drum Property Group, which has acquired and submitted plans for the redevelopment of the Buttermarket Shopping Centre in Ipswich.
Along with joint venture partners Capital & Regional, the firm paid £9.2 million for the retail destination in March of this year and has now initiated a redevelopment process forecast to cost around £35 million.
Fortunately for the partnership, Ipswich Borough Council has already approved plans for the centre back in 2013, which have now been revised by the new owners in order to include a stronger leisure aspect – this, hopefully, should speed up the planning approval for the site and allow work to begin later this year.
Under the new plans, the centre will be transformed into a top retail and leisure destination with a 16 screen cinema complex and increased retail space designed to draw in a higher proportion of major national brands.
Six new restaurant units will also be introduced to the complex as a means of providing a wider choice for consumers and therefore increasing dwell time amongst shoppers.
Drum Property Group managing director Graeme Bone believes that the redevelopment will help to keep a greater percentage of consumer spending in the Ipswich area.
He says; “Our plans represent a significant investment in Ipswich town centre that will deliver additional and improved retail and leisure amenities for local residents and the wider region.
“We have a real opportunity to develop Buttermarket into a vibrant shopping centre everyone can be proud of.”
The group already has a wide range of successful projects under its belt in both the commercial and residential markets, and currently has a development pipeline worth in excess of £1 billion.
Capital & Regional, meanwhile, has a wealth of experience in the shopping centre sector to draw upon, as it currently owns a number of destinations which cumulatively consist of more than 800 retail units, attracting a footfall rate upwards of 1.6 million visits per week.
Chief executive officer of Capital & Regional, Hugh Scott-Barrett, hopes that a swift decision regarding the partnership’s planning application will help to build upon the momentum of the project.
He continues; “We believe our proposals will revitalise not just Buttermarket Shopping Centre, but Ipswich town centre as a whole by introducing a tailored mix of retail and leisure facilities.
“We look forward to working with Ipswich Borough Council, the town’s retailers and the local community to advance these plans.”
