Town shop project bucks trend
Newark’s Potterdyke redevelopment is set to be one of only two shopping centre schemes to be completed nationally in 2012.
That is according to a report by global real estate solutions firm Cushman and Wakefield.
The report reveals UK shopping centre completions are expected to slow dramatically due to the financial climate.
The other scheme due for completion is phase two of the Brewery Square shopping and leisure scheme in Dorchester.
Other schemes have been delayed or mothballed.
The Advertiser has previously reported how the developers behind the £50m Asda-led Potterdyke redevelopment considered mothballing the project.
They decided, however, to proceed with a much-reduced profit margin.
A director of Strawsons, development consortium partner with Asda, Mr Niel Strawson, said: “At risk we had assembled the sites needed to deliver the development with Asda (spending £5m) and we took the view that as we were locally-based and had given promises to deliver this regeneration scheme that we would build out the development at a time when other developers across the UK were remaining idle.
“We are committed to building out the whole scheme which will create jobs in Newark and lift the town’s position as a retail centre in the region at a time when much of the country is closed for business.”
The Asda store is already open and created 300 jobs.
The project has also included a new bus station, a health centre and a doctors’ surgery, and the conservation of several listed buildings.
A walk-through from Lombard Street to Asda is already in use, and a pedestrian promenade linking to Cartergate is set to follow, although new shops have yet to be let.
Strawsons are yet to decide on the future of the Robin Hood cottages, the last remaining part of the hotel that was demolished as part of the Potterdyke scheme.
An application to knock down the cottages, which are listed for protection, was refused by Newark and Sherwood District Council.
An inspection revealed it would cost £719,250 to fully refurbish the cottages, significantly more than the £150,000 the company set aside.
