Partnership plans major facelift for Eldon Mall.

Posted On Tuesday, 22 July 2003 02:00 Published by
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Capital Shopping Centres and its partners have published proposals for three separate schemes at Eldon Square Shopping Centre in Newcastle upon Tyne.
Capital Shopping Centres, a wholly owned subsidiary of UK-based listed property company Liberty International, and its partners, Newcastle City Council and Shell Pensions Trust, published proposals for three separate schemes at Eldon Square Shopping Centre in Newcastle upon Tyne.

Liberty International, formerly a subsidiary of SA company Liberty Life, (now Liberty Group) was unbundled in 1999.

The schemes, which in total could cost £150m, would provide a new fully enclosed bus station, a new mall at the northern end , a revitalised Old Eldon Square and the Southern Gateway scheme that includes a new Greenmarket, a new department store as well as new large shops.

"Eldon Square is one of the country's leading shopping centres. These proposals will enable us to not only significantly improve the retail offer but also to improve public transport facilities and enhance the environment of Eldon Square," said John Abel, MD of Capital Shopping Centres.

A major feature of the proposed development is a retail mall connecting the new bus station to Old Eldon Square.

Abel said a planning application would be made by September this year. He said main construction work could start in 2005. The development would be completed in phases between 2006 and 2009.

Liberty International announced in its interim financial results for the six months ended June 30 that it had a committed development programme of about GBP500-million in the UK.

The company said they were considering further potential developments over the next five years of about GBP600-million, including Cardiff, Oxford and Eldon Square.

David Fischel, CEO of Liberty International, said the company had investment properties of just under GBP200-million in the US.

The company announced a 2,5% increase in the valuations of these properties, which were worth GBP198-million.

Business Day

Publisher: Business Day
Source: Business Day

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