Chester Properties - Retail Development - Newport, £20m Refurb Starts at Kingsway Shopping Centre
Date: 13 Oct 2006
UBS Global Asset Management's UBS Triton Property Fund (Triton) has started the major refurbishment and extension of the Kingsway shopping centre in Newport. HBG has been appointed as the main contractor for the project.
The interior of the 290,000 sq ft (26,940 sq m) shopping centre, built in the late 1960s, will be completely refurbished throughout, along with new entrances, new façade and a new glazed central square.
Additionally, a new 55,000 sq ft (5110 sq m) anchor store will be developed, along with three large retail units fronting John Frost Square and two mall level cafes. The centre will remain open during the refurbishment programme, which is due to complete by Christmas 2007.
Demolition work on the former Kingsway Car Park completed in August and will enable a brand new 1,050 space multi-storey car park to be constructed on the site. This will have access from Kingsway and lead directly into the shopping centre. Work will commence in November and completion is due in summer 2008.
Triton's Kingsway Shopping Centre refurbishment and new car park forms Phase 1 of the transformation of the John Frost Square and Bus Station Area.
Phase 2 is being carried out by Modus Corovest in conjunction with Newport City Council and Newport Unlimited. This is the redevelopment of John Frost Square and the Bus Station as a new 338,000 sq ft (31,400 sq m) Shopping Centre to be called Friars Walk. A Debenhams department store will be developed adjacent to the Kingsway Centre with an additional 300 car parking spaces on the roof (accessed from the Kingsway Centre Car Park). The site of the Debenhams store and additional car parking is owned by UBS Triton Property Fund however an agreement between UBS, Modus and Newport City Council has permitted the construction to go ahead. Construction of Friars Walk is due to start in 2007 and complete in 2009.
Tom Tyler of Chester Properties, UBS' asset manager, comments: "We are delighted to have got to this stage and look forward to pushing on with works to create a lighter, brighter centre, attracting a range of new tenants. We already have a lot of retailer interest in the new units."
Triton purchased the Kingsway shopping centre in February 2004 and appointed Chester Properties as its asset manager with responsibility for the refurbishment.
The architect for the project is the 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.
The new look Kingsway Shopping Centre to be finished by Christmas 2007.
Where do I go now?: » View the latest news items » View the news archive » Subscribe to Weekly Construction Newsletter » Submit news
