Knight Frank - Retail Development - Penrith, Ullswater Road
Date: 10 Dec 2007
International property consultancy, Knight Frank has submitted a planning application on behalf of Terrace Hill and Davidson Junction 40 Ltd for a new retail park in Penrith, which will create 40,000 sq ft in five retail units along with a restaurant.
The proposed plans will create a new retail development in Penrith which will attract new retailers to the area and increase local employment. The proposed retail park will offer customers greater choice and encourage retail competition in the area.
Situated on Ullswater Road and just 600m from the town centre, the new development will act as a gateway to Penrith town centre and offers excellent access to transport and road links that will attract customers back to the town as many local shoppers currently drive to Carlisle and Kendal for the greater range and choice available.
The retail warehouse units will range in size from 5,500 sq ft to 10,000 sq ft and will offer 263 on site car parking spaces, improved pedestrian crossing facilities and a Frankie and Benny's restaurant occupying a 3423 sq ft site within the park.
The site occupies a prime location close to Penrith Railway Station and provides excellent access to the M6. It also benefits from a host of nearby retailers including an Aldi store adjacent to the proposed retail park, a nearby Halfords and Wickes DIY and an industrial estate to the south with a petrol station and additional retail occupiers.
As shopping facilities at Carlisle and Kendal continue to drive customers away from Penrith for their non food retail purchases the new development is essential to boost the local economy. The 2007 Shopping Survey, carried out by NEMS Market research, which has been submitted to the Council as part of the planning application, indicates that the situation has become much worse in recent years with Penrith capturing just 21 per cent of the local market for clothes and shoes and only 25 per cent of electrical goods.
David Innes, Partner at Knight Frank handled the planning application. He said: "The lack of choice for non food retail goods in the town and shortage of modern floorspace has meant that national retailers have bypassed the town for new retail developments in Carlisle and Kendal which have drawn trade away from Penrith. The new retail development will help to keep shoppers in the town increasing footfall and spin off trade for existing retailers and local independent retailers"
Duncan McEwan, Director, Terrace Hill PLC commented: "This proposal will be complementary to the town centre proposals by Lowther Manelli and Eden Council, attracting a different form of retailer who is not being accommodated in the New Squares proposal and who are seeking representation in the town. Discussions are at an advanced stage with a number of national operators including the likes of Pets at Home, Carpetright, Currys, and Au Natural. All these occupiers have indicated a strong desire to locate in Penrith, however have until now not had an opportunity of obtaining the type of accommodation they need for their business models. The development is designed to provide a range of floorspace that will attract retailers that are not represented in the catchment area, which will add to the retail offer in the town to the benefit of local shoppers and visitors"
Related website: Knight Frank
Proposed Development
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