Chester Properties - Retail Development - Hoddesdon, Plans Announced For Refurbishment Of Hoddesdon Tower Centre, Herts

Date: 13 Jul 2007

UBS Global Asset Management's UBS Triton Property Fund has been granted planning consent for the refurbishment of the Tower Centre in Hoddesdon, Hertfordshire. The refurbishment has an end value of £25 million.

The Tower Centre currently comprises 95,000 sq ft (8,825 sq m) shopping centre, purchased by UBS Global Asset Management in 2005, with 46 units let to tenants including Woolworths, Argos and Superdrug.

Units at the back of the scheme will be extended to provide a 10,100 sq ft (938 sq m) anchor store and an extension to the existing workshop at lower ground floor will create five new convenience retail units totaling 6,900 sq ft (641 sq ft) fronting onto Burford Street next to the entrance of the car park.

"In addition, two retail units at the front of the scheme have been granted a change of use to A3 which allows restaurant or café use and we hope to attract a coffee shop to the scheme," says Tom Tyler of Chester Properties Asset Management, which has been appointed as asset managers for the scheme.

The general mall environment will be modernized with a revised main entrance, new canopies, centre signage and floor tiling.

Tom Tyler adds: "These significant changes to the centre will attract new retailers to Hoddesdon as well as enhancing the profile of existing retailers and businesses."

Work will start on site imminently and completion is scheduled for spring 2008.

Alandale Logistics Ltd has been appointed as main contractor and Morgan Williams is the letting agent.

Hoddesdon Tower Centre, Herts

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