It was supposed to open next autumn, but Newbury’s shopping district will remain a construction site long after shoppers were due to have replaced the cranes and builders.
Parkway, Standard Life Investments and Shearer Property Group’s 475,000 sq ft retail-led scheme is now unlikely to be finished until spring 2011.
But while the pair contemplate the absence of ringing cash tills for an extra six months, the scheme has given West Berkshire Council another headache. Several landowners on Northbrook Street whose properties were acquired through compulsory purchase order so Parkway could be built say they have yet to be compensated. They are threatening to take the council to the Lands Tribunal if they are not paid before the end of the month.
Nick Carter, council chief executive, says final offers have been made but unless an agreement is reached soon, a court trip will be inevitable.
At Plus Shops’ nearby Kennet Shopping Centre, the slow progress of Parkway has afforded several benefits. Debenhams, which intends to relocate Parkway, has to stay put for now.
Leigh Burnett, asset manager at Kennet, has already turned her attention to filling the 22,000 sq ft hole Debenhams will leave. Most national fashion retailers are present in Newbury, so notable absentee Primark is in Burnett‘s sights.
Furthermore, retailers displaced by siteworks at Parkway have also taken space at the 200,000 sq ft Kennet. At £65, zone A rents compare favourably with £120 at Parkway, and the vacancy rate is 3%.
Meanwhile, following retail failures, Newbury high street has 15 to 20 vacant shops, of which the 32,600 sq ft Woolworths is the biggest.
But it is not all bad news. On 13 November, Vue will open its £10m seven-screen multiplex — Newbury’s first cinema in a decade — at the Kennet Shopping Centre. There will be five restaurants totalling 18,200 sq ft on the ground and first floor.
Standard Life may well wish its development was on schedule, but it says the delay could mean it is delivered into a healthier retail environment. Until then, Kennet is on hand to pick up the slack.
All they are asking for is a fair price - have you got something against that?
No, I have nothing against them asking for what they think is fair so long as it works both ways and traders who benefit from Parkway can be taxed accordingly.
No, I have nothing against them asking for what they think is fair so long as it works both ways and traders who benefit from Parkway can be taxed accordingly.
How does fairness for someone who's home or business premises are taken from them against their wishes equate with a tax on businesses who may, or may not benefit from Parkway?
Do you propose that some sort of levy be made on those benefitting from Parkway (whoever they may be) in order to compensate those who lose from the inevitable Parkway effect (for instance businesses south of the Bridge who lose footfall)?
Would you suggest a sort of local windfall tax on property owners in Northbrook St - who are already pushing up rents to the extent that even chains like Threshers are moving out?
How does fairness for someone who's home or business premises are taken from them against their wishes equate with a tax on businesses who may, or may not benefit from Parkway?
Do you propose that some sort of levy be made on those benefitting from Parkway (whoever they may be) in order to compensate those who lose from the inevitable Parkway effect (for instance businesses south of the Bridge who lose footfall)?
Would you suggest a sort of local windfall tax on property owners in Northbrook St - who are already pushing up rents to the extent that even chains like Threshers are moving out?
All I'm saying is, will we see them paying it back in the good times?
No chance, yet just as with the banks us taxpayers are expected to fork out in the bad.
So its okay to do people out of the true value of their property if its taxpayers who are paying for it?
Is it WBC paying or SLI? Surely WBC haven't given away other peoples' property as well as ours in the great Parkway giveaway.
The true value of anything is what anyone's willing to pay for it.
You didn't answer the question, during the good times did they pay more? I'm guessing the answer is no they put it in their pockets, so during the bad why should we the taxpayers be forced to put our hands in ours?
The other question to Admin about the lowest rents for units in Parkway hasn't been answered either.
The other question to Admin about the lowest rents for units in Parkway hasn't been answered either.
Should a figure exist, I would imagine it is privileged information and not in his gift to say. Notwithstanding that there is plenty of time for the market to change by the time they start to let the units. It was a silly question to ask.
I do remember, however, Factfile suggesting that rents in Parkway will be a lot higher than Kennet Shopping.
Should a figure exist, I would imagine it is privileged information and not in his gift to say. Notwithstanding that there is plenty of time for the market to change by the time they start to let the units. It was a silly question to ask.
I do remember, however, Factfile suggesting that rents in Parkway will be a lot higher than Kennet Shopping.
Perhaps you should read the original news item;
"Furthermore, retailers displaced by siteworks at Parkway have also taken space at the 200,000 sq ft Kennet. At £65, zone A rents compare favourably with £120 at Parkway."
This means that rents in the new Parkway centre will be almost twice their equivalent in the Kennet Shopping Centre
Logged
Male
