Standard Life Investments has announced that the retail element of Parkway, its 475,000 sq ft mixed-use development in Newbury, will now not open until Autumn 2011. Delegates at the recent Vision Conference in the Corn Exchange were advised that it would be trading by Easter 2011.
With the anchor tenants Debenhams, Marks & Spencer and H&M already signed up and New Look now exchanged on the final major store of approximately 20,000 sq ft, coupled with strong retailer interest in the scheme generally, the new opening date will ensure that a critical mass of occupiers will open on day one. Parkway will therefore be best placed to immediately position Newbury as a major retail destination in its region.
Parkway will transform the Newbury shopping offer with a new department store, two large stores of over 20,000 sq ft and more than 50 shops and kiosks. The project also incorporates new restaurants and cafés, a 734-space underground car park and 184 new apartments.
It is one of only three shopping developments opening in 2011.
The residential element of Parkway, which is already proving popular, will complete in phases commencing Autumn 2011.
Its pretty much the same story everywhere really isnt it, even Bracknell's regeneration programme for the town centre has been delayed and delayed and delayed. Our project plannig is terrible
Its pretty much the same story everywhere really isnt it, even Bracknell's regeneration programme for the town centre has been delayed and delayed and delayed. Our project plannig is terrible
It has always been on the cards that Standard Life would have difficulty letting units in that development. We already know of one retailer being offered a bribe incentive to pick up stock and move so there will no doubt be more inviting offers made to other flagship stores. Rent free periods for example which will encourage them to close their existing outlet, should they have one, and make the move. Any retailer wanting a unit will, because of potential high rents and rates, have to have goods for sale with a high profit margin to be able to afford a lease, ie nationals. This probably precludes, other than a couple of specialists perhaps, most local businesses. My view on this is that the Parkway may become the towns shopping centre as predicted but it will surely cause the demise of other shopping areas in the town. Kennet Shopping springs to mind although the cinema, should it be profitable will provide some sort of focus but, do we shop when we go to the flicks. Even with the attraction of said cinema the, KS, seem to be having a job letting the food outlets which says to me that Newbury could be already at saturation point in this area. By this logic then a move to open food outlets in Parkway will have the same detrimental effect on the rest of the town. What also seems to have gone unnoticed is that when the retail space is opened, it is not the end of the disruptive building program as it seems to me that post Spring Autumn the work then starts on the accomodation blocks.
So, with the one simple statement by Standard life, a potential can of worms has been opened. The revised date must have caused some consternation in the halls of WBC as at the Vision conference, it was emphatically stated that Spring was the date and all the other vision things, like the wharf and pavilion project, would then go ahead.
Debenhams, Marks & Spencer and H&M .... and New Look
Apart from H&M aren't these stores already in Newbury? Re-arranging the deck chairs on the Titanic springs to mind.
So, they've suddenly had this vision of the Mayor cutting the ribbon with a big oversized pair of scissors and all the shops behind being empty and still boarded up. Not looking good is it?
And wasn't it Costain "Trust us, we know what we're doing" who had to come back and redo the surface of the By-Pass within 4 months of it opening? because of....wait for it.....'drainage problems'. I think it was.
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