| Multiplex's shopping centre spending spree |
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| Tuesday, 13 November 2007 | |
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Multiplex today revealed plans to redevelop Friars Square shopping centre in Aylesbury, Buckinghamshire.
Sources close to the deal told B&E online Multiplex agreed a fee of around £89.5m with F&C Property Asset Management for the 27,870 square-metre of retail space. The initial phase of construction is expected to start in the summer of 2008. A spokesman for Multiplex told B&E online that it will be a significant redevelopment. He said: “They are in negotiations with the district council over what they are going to do with it. They’ve got to talk to the county council and the local people. I think they are confident that they’ve got an area that is growing fast and that it will require a significant redevelopment.” The development, which will be 100% owned by Multiplex, marks a significant confidence boost for the shopping centre investment market, which is still suffering the effects of the liquidity crisis, and is one of the first retail investments to go under offer since the credit crunch. The spokesman added that no build cost would be finalised until the final plans have been agreed. He said: “They’ve bought the site and I’m sure they’ve got figures in their own mind, but they’re not going any further than that at the moment.” This will be the second scheme that Multiplex has undertaken in Buckinghamshire, following the Eden shopping centre in High Wycombe, which will open in March 2008. |
