£90 million retail development by Allies and Morrison starts on site
Due to open in 2014
A £90 million retail and leisure development in the heart of Hereford city centre is now on site, having secured a forward funding agreement with British Land.
Designed by Allies and Morrison and Leslie Jones, Hereford Old Market represents the first forward funding deal of its kind for five years.
The retail-led development, which is due to open in 2014, will be made up of a series of open air streets linking the historic city to the new addition. Built on the site of a former cattle market, the retail project will offer a large department store, a six screen Odeon multiplex cinema, as well as twenty smaller shops and seven restaurants. The Old Market is now over 60% pre-let.
Alistair Shaw, development director at Stanhope, who have partnered with British Land on the project, said: “We are delighted to have agreed this landmark deal with British Land which will revitalise Hereford city centre. The creation of carefully designed retail and leisure in areas where there is a marked supply and demand imbalance represents a clear investment choice at this time.
“In key regional market towns in particular, there is real opportunity to harness a captive local audience who would rather not drive further afield for their retail and leisure needs, and where the evening economy can be developed to the advantage of the area as a whole.”