UBS Global Asset Management - Retail Development - Newport, Kingsway Shopping Centre
Date: 25 Jul 2005
UBS Global Asset Management today announced that its Triton Property Fund, together with Chester Properties Asset Management, has submitted planning applications for the £20m refurbishment and extension of the Kingsway shopping centre in Newport.
Hailed as an important part of the regeneration of Newport city centre, the 200,000 sq ft (1,858 sq m) shopping centre, which was built in the late 1960s, will be refurbished throughout with new entrances, a completely refurbished interior and new glazed central square. The result will be a lighter, brighter shopping centre with a wide range of new shops.
The proposal includes the construction of a new 750-space multi-storey car park on the site, completely replacing the redundant Kingsway car park and providing Newport with state-of-the-art parking facilities. There will also be a new food court, situated on the site of Bridge Square.
Other improvements include new retail units at the entrance from John Frost Square, and improved access to the centre off Commercial Street, through Emlyn Walk. The Dolman Theatre, which forms part of the Kingsway Centre, is also due for a complete refurbishment with a new dedicated entrance from Kingsway, a new glazed façade and a complete refurbishment of the foyer, bar, coffee shop and lounge areas.
Chester Properties and UBS are already in talks with large national retailers who want to open in Newport.
Tom Tyler of Chester Properties comments: "We are very excited about this proposal and look forward to working with Newport City Council, Newport Unlimited and Modus Corovest to attract new retailers to Newport as well as enhancing the profile of existing retailers and businesses.
"We aim to start demolition of the existing car park towards the end of this year with the new building work and refurbishment to follow from the beginning of next year. Completion of the whole project is scheduled for early summer 2007."
UBS Global Asset Management Triton Property Fund purchased the Kingsway Centre in February 2004 and appointed Chester properties as its asset manager with responsibility for the refurbishment.
The architect for the project is the well-respected Colman Group which has been involved with the Capitol Centre in Cardiff and the Quadrant Centre in Swansea. Letting agents are Capital Retail in London and Savills in Bristol.
Artist impression of new Kingsway Shopping Centre development, Newport
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