Developer Stanhope was approved as Gloucester council’s partner for the £70m redevelopment of the city’s King’s Quarter scheme at a cabinet meeting last night.
Council officers and Stanhope have been working together for the past six months to come forward with a concept for King’s Quarter – principally King’s Square and the bus station.
The 200,000 sq ft scheme (pictured), which has an investment value of £60m, will comprise five big stores and 21 smaller shops and a bus station.
Stanhope will now start to undertake a full public consultation programme. Work is anticipated to start on site in 2014, and the scheme could take two to three years to be fully completed.
Martyn Chase, director at Stanhope, said: “We are very pleased to be selected as Gloucester’s development partner. The city is underperforming in terms of its retail offer, and we are confident our scheme will attract new retailers and more shoppers.”
annabel.dixon@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
