NewRiver Retail takes on Stamford retail park and pub project
One of the country’s biggest shopping centre owners has taken over a project to build a retail park on the edge of Stamford.
NewRiver Retail has acquired the former Mirlees Blackstone land next to Morrisons supermarket in Uffington Road.
Planning permission for six non-food shops and a pub restaurant have already been granted for the site.
NewRiver Retail director Charles Spooner said: “We are delighted to have recently acquired the retail park development site in Stamford, part of a wider portfolio of 13 retail warehouse assets.
“One of the attractions of the investment was the opportunity to unlock potential value from within the site and enhance the local retail offer - and this asset and site certainly offers that.
“As specialists in retail investment, asset management and risk-controlled development we have already set to work exploring further viable angles to develop the site.
“The existing part-open A1 planning consent includes 54,700 sq ft of retail and a pub. Our approach is to assess the viability of this and explore other opportunities to unlock value and create an attractive offer for Stamford.
“It’s early days yet but we are excited to be moving forward so soon after acquisition.”
NewRiver has £848m of assets under management across the UK, comprising 29 shopping centres, nationwide high street and retail warehouse units and a portfolio of 202 pubs principally suitable for conversion to alternate use.
Plans to create a retail park next to Morrisons have been under discussion for a decade.
The supermarket chain initially submitted an application for the retail park and a fitness centre in 2006. It was approved by the district council in July, 2008. But the permission was quashed by a High Court judge in July, 2009, after Stamford Chamber of Trade and Commerce and FH Gilman and Co objected to the development, saying it would hit town centre trade.
The application was amended following the High Court decision. Morrisons reduced the floorspace of the units and removed the fitness centre. The amount of floorspace dedicated to non-bulky items was also reduced.
Planning permission for the retail units was granted in 2012.