The Crown Estate and TH Real Estate not progressing proposed extension to Princesshay shopping centre, Exeter
The Crown Estate and its partner TH Real Estate regret to announce that they are no longer able to progress the proposed extension to the Princesshay shopping centre in Exeter due to current market conditions.
The proposals, first submitted for planning approval in July 2015, had included a redevelopment of the bus and coach station site into new restaurants, shops and a cinema.
The partnership was committed to providing a successful development for Exeter, which required the right mix of shops and restaurants to take the space. Unfortunately in the current market, many retailers and restaurateurs are now more cautious about making new commitments, particularly in proposed developments, which take time to build and therefore require a commitment several years ahead.
Both partners remain committed to Exeter City and to the existing Princesshay shopping centre, which continues to be a fantastic retail and restaurant destination, with recent lettings to Lush and New Look Men.
John Grinnell, Deputy Head of Development and Project Management at The Crown Estate, said:
“We know this is disappointing news for many people, including for our own team who have been working hard for over two years, along with a team of architects, agents and advisors, to try to make this project work. We want to be clear that we remain as committed as ever to Exeter and to the existing Princesshay centre, which is a fantastic shopping and restaurant destination in its own right. We’re now looking at what more we can do at Princesshay to further enhance the experience for shoppers and will continue to work closely with the Council and others in the area to help achieve this.”
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