Connect with us

News

Horsefair Wisbech 35,000 sq ft discount store and new car park ‘will boost footfall’

NewRiver offer massive vote of confidence in Wisbech

Avatar photo

Published

on

NewRiver Retail – who own the Horsefair shopping centre at Wisbech – has revealed that demolition of their two-deck, 300 space, car park space will pave the way for regeneration that includes a 35,000 square foot discount store. The company will replace the car park with a  ground floor car park allowing for quick and easy access to the new store and to the other shops within Horsefair.

The company says their ambitious plans also include a new drive-thru (they haven’t revealed the operator) once the two-deck car park is removed. Parking will be free for the first three hours.

“We are moving forward with our small-scale repositioning of the asset,” says NewRiver in their annual report.

 Horsefair car park. Town Centre, Wisbech Tuesday 23 July 2024. Picture by Terry Harris


Horsefair car park. Town Centre, Wisbech Tuesday 23 July 2024. Picture by Terry Harris

“A 35,000 sq ft anchor unit is under offer to a leading discount operator which will front a new surface level car park and drive-thru, also under offer.

“On completion, this will boost footfall across the centre which has seen ongoing commitments from several existing occupiers with renewals completed with Vodafone, EE and Boots in line with valuer’s ERV.”

ERV is the external valuers’ opinion of the open market rent which, on the date of valuation, could reasonably be expected to be obtained on a new letting or rent review of a property.

 Horsefair car park. Town Centre, Wisbech Tuesday 23 July 2024. Picture by Terry Harris


Horsefair car park. Town Centre, Wisbech Tuesday 23 July 2024. Picture by Terry Harris

NewRiver says that once demolished the two-deck car park will enable them to provide “an attractive open surface car park which will offer free car parking for up to three hours to support the existing retail offer”.

NewRiver says their Wisbech centre is one of two – Cardiff is the other – where “turnaround strategies” have been adopted.

Advertisements
canopyuk.com in-article

What to do with Horsefair has been on the agenda for some years, in 2022 for instance NewRiver described Wisbech as “an attractive market town in the Fenlands; we are working up options to provide a 20,000 sq ft new food store which will transform this asset and the town centre”.

Planning permission not needed for demolition of 300 space Cambs multi storey car park

In 2023 NewRiver reported that “following a positive pre-application response we are moving forward with our redevelopment strategy for the delivery of a new 20,000 sq ft food store anchor with a new surface car park.

 Horsefair car park. Town Centre, Wisbech Tuesday 23 July 2024. Picture by Terry Harris


Horsefair car park. Town Centre, Wisbech Tuesday 23 July 2024. Picture by Terry Harris

“Once we have agreed terms to pre-let the new store we will submit a planning application for which following the pre-application, we are confident of securing and on delivery of the food store the centre will be fully let and help boost footfall to the centre and town”.

NewRiver says: “The retail occupational market is in its best position for at least five years due to a number of factors.

“Retailers are benefitting from robust spending by the resilient consumer and there has been limited retailer distress as much of the corporate restructuring and portfolio repositioning has already taken place.

“Additionally, the true value of the physical store has been demonstrated with omnichannel retailers continuing to win online market share from the pureplay operators.”

 Horsefair car park. Town Centre, Wisbech Tuesday 23 July 2024. Picture by Terry Harris


Horsefair car park. Town Centre, Wisbech Tuesday 23 July 2024. Picture by Terry Harris

Today, NewRiver owns and/or manages a portfolio of £1.3 billion, of which 60% is owned by capital partners.

NewRiver says it is collecting in excess of £120 million per annum of rent from over 1,700 tenants across 28 shopping centres and 29 retail parks.

“We believe that our geographical representation, together with our customer, retailer and capital market insights, is unrivalled,” says NewRiver.

 

 

 

Facebook

Read More

News1 month ago

Ely ‘hit and run’ driver sought after cyclist left with serious injuries

Cyclist injured in crash with a grey car in Lynn Road, Ely

News1 month ago

WATCH: Police retrieve machete and cannabis from Peterborough drug dealer

Offender caught again whilst on bail for first offence

News1 month ago

BREAKING: Cambridgeshire County Council ‘truly sorry’ after it admits liability for 3 fatalities on Guided Busway

Council 'fully acknowledges the serious historic failings'

News1 month ago

WATCH: ‘You got me fair and square’ Wisbech burglar tells police in Peterborough

He was arrested in Peterborough city centre on 26 April

News1 month ago

WATCH: Police raid cannabis ‘factory’ inside Alconbury Weston house

Cannabis arrest followed a tip off from members of the public

News1 month ago

3 things to do while in the queue for an Oasis ticket – and it’s not what you might think

Tongue in cheek post has a serious message

News1 month ago

Cambs transport charity launches scathing attack after losing subsidised bus route to Stagecoach

FACT operated the 68 Wisbech service for a number of years

News1 month ago

Mayor attacks ‘cheap theatre of negativity’ over £48m Peterborough station facelift

Labour hopes Great Northern Hotel will be in future phase of re-development

News1 month ago

Opposition to 8am to 11pm pavement wining and dining in Wisbech by Wetherspoon

In Whittlesey Wetherspoon hope to use Market Place for outdoor drinkers

News1 month ago

Cambridge ‘drug lord’ caught with loaded gun, cash, and £500,000 worth of drugs

Rahman ran a criminal enterprise across Cambridge