Increasing numbers of shopping centre owners are beginning to invest in upgrading their assets, with redevelopment plans set to bring numerous benefits to local communities. This has seen Clearbell Capital, owner of The Gates Shopping Centre in Durham, approach development firm Nathaniel Lichfield & Partners (NLP) with an ambitious redevelopment programme designed to upgrade the centre on the banks of the River Wear.
Clearbell purchased The Gates earlier this year and now intends to invest £30 million for much needed redevelopment work. Since first opening in 1975, no major projects have been undertaken at the northern shopping centre, meaning there is a lot of potential to significantly upgrade the property as a means of boosting the local economy.
Under the current plans, NLP will create an external shopping street to provide additional retail units, restaurant space and a number of student flats along a newly built riverside promenade. The shopping centre will also be refurbished internally and a multi-screen cinema will be installed to boost the centre’s leisure offering.
Clearbell partner Nick Berry believes the public will welcome the plans during the consultation period, which will take place this week before plans are submitted to Durham City Council in December.
He says; “Durham has long been starved of a cinema and we think residents from the city and surrounding area deserve a better place to eat, shop and be entertained.
“The plans should unlock the potential of this unique setting and we are looking forward to hearing people’s feedback.”
Along with the significant benefits the redeveloped complex will bring to local consumers, and to the local economy, Clearbell Capital forecasts the creation of around 195 jobs as a direct result of the construction process.
Furthermore, with retailers and leisure chains expected to express a high degree of interest in taking up space within the development, it is estimated that around 120 new full time positions will be available for local residents by the time work is completed.
It is also hoped that the development will provide a boost to Durham’s tourism economy, as the river walkway will create links to parts of the city which struggle to attract crowds. In turn, this may prove beneficial for smaller retailers and businesses which are currently unable to showcase their offering to the fullest extent.
Director and head of NLP’s Newcastle office, Jonathan Wallace, hopes that the scheme will have a positive effect upon city centre vacancy rates.
He says; “The plans would open currently inaccessible views across the River Wear towards the City, Castle and Cathedral World Heritage Site.
“These proposals combine the re-modelling of parts of the existing centre with elements of new build development creating an improved retail environment which will attract new retailers to the city centre.”
