For many retail developments throughout the UK, the end of the recession has brought an increase in prosperity as consumers regain confidence and begin to spend in earnest one more. Yet for some, high competition in the surrounding area has brought the need to adapt to new trends into sharp focus.
This has been the case for the Galleries Shopping Centre in Aldershot which, after lying empty for some years, is now being considered for an extensive redevelopment by owner Threadneedle.
Although the owner is yet to reveal the nature of the refurbishment programme likely to take place within the near-vacant centre, it is heavily rumoured that a portion of the commercial floor space will be transformed into residential accommodation as a means of increasing consumer footfall in the surrounding area.
Threadneedle made the decision to appoint property firm Henry Boot as a means of reviving the Galleries in 2012, but earlier this year it was confirmed that the company ceased working on the site after attempts to attract new tenants had failed. Under plans, Henry Boot had intended to emulate the success of other similar schemes by introducing a food and drinks retailer to the centre, as well as updating a number of units in order to provide more modern business space for potential tenants.
In a statement, Threadneedle confirmed that it is currently in the process of examining future options for the site, saying; “We continue to review and discuss our strategy for The Galleries with Rushmoor Borough Council.
“We remain committed to ensuring the future viability of the scheme and, as part of this, we can confirm we are exploring potential alternative uses for the centre.”
At present, The Galleries has only one existing tenant – computing and internet access provider Techstart. The company moved into a vacant unit at the beginning of May, but Threadneedle was forced to offer the space rent-free.
Should Threadneedle choose to go ahead with a residential project, it could well prove to be successful given that many of the ongoing retail projects in London and the South East are based around a mixed-use concept. Furthermore, housing demand makes residential space easier and more profitable to fill than retail units.
Chief executive of Rushmoor Borough Council, Andrew Lloyd, believes that Threadneedle is doing “a lot of work” to revitalise the shopping centre and give the local economy a boost in the process.
He says; “There is no further information on the site available now, but what we do know is the owners are currently doing a lot of work developing options for the site and we are looking forward to having a close dialogue with them over that.
“Options are being looked at and we are looking forward to a long-term solution for the site being funded.”
Previous Post
Spinningfields Deal sets Manchester Headline Rent Record
