British Land and Stanhope have officially cut the tape on the Old Market Shopping Centre in Hereford following a £90 million investment to improve local services. The open air shopping complex was developed by Stanhope but, as all funding was provided by British Land, the latter will now retain control of the development as a whole and will therefore be responsible for the everyday running of the 310,000 sq ft centre.
Debenhams has taken 85,000 sq ft in the Old Market Shopping Centre making it the development’s largest tenant
So far, this scheme has been the only significant retail development to complete this year and is in fact the first retail project with significant financial backing to open in Hereford for 25 years. As a result, it has pushed Hereford up the UK retail rankings by 29 places to number 90, and has also created more than 1,000 jobs in the local area – clearly, then, it is already beginning to benefit both businesses and residents.
Development director for Stanhope, Gary Bourne, says; “The opening of Old Market represents the culmination of many years of hard work by numerous people working in close partnership.
“We are extremely proud of what has been achieved here in Hereford; we have delivered a market leading scheme with an impressive tenant line up.
“Not only has Old Market provided 1,100 jobs for Hereford, it will act as a catalyst for further investment in the city and the surrounding area.”
The scheme comprises 18 retail units, eight restaurants, a six screen multiplex cinema and a number of public spaces designed to play on the open air design which will be ideal for the upcoming summer shopping season. In total, 21 per cent of the centre’s commercial space is dedicated to leisure, meaning that the trading hours can be extended to create an evening economy.
Although the centre has only been open for a short time, 96 per cent of the commercial space available has already been let. The centre’s largest tenant is Debenhams which, with a three storey, 85,000 sq ft unit, has become the only department store operating in Hereford at this time.
Head of retail for British Land, Charles Maudsley, believes the development will contribute strongly to Hereford’s local economy.
He says; “Old Market delivers a high quality retail and leisure experience to an affluent catchment.
“Attracting some of the best known retailers in the UK, including the city’s only department store, Old Market will enhance footfall and keep spending in Hereford – the scheme opens at 96 per cent let by area which is ahead of target and testament to the desirability of the scheme, location and catchment.
“Having successfully opened our award winning Whiteley retail and leisure development last year, we are very pleased to follow this with Old Market which is the UK’s only retail opening in 2014.”
