Capital Shopping Centres - the retail shopping centre arm of UK-based Liberty International - said on Friday that it had started working on the second phase of the £170m regeneration programme at the Eldon Square shopping centre in Newcastle upon Tyne.

Liberty International has a significant South African shareholding and its subsidiary, Capital Shopping Centres, is the owner of 12 shopping centres worth £5,8bn.

Speaking from London, Capital Shopping Centres spokeswoman Margaret Harwood said the second phase of the regeneration programme would be completed by early 2009.

Harwood said this included the establishment of a new street-level mall of 3818m² with 15 new shops.

Harwood said the street-level mall was being developed under the original shopping mall.

The project also included the development of a modern bus station with enclosed concourse and glazed doors giving access to buses.

The bus station is expected to open early next year.

Harwood said the third phase of the regeneration programme would begin in early 2008, and that it would include the redevelopment of the southern part of the original shopping centre.

Capital Shopping Centres said that when Eldon Square opened in 1976, it was one of the first examples of mixed-use city centre regeneration.

Over the years Eldon Square had grown into a top shopping destination with 25-million visitors last year alone.

Eldon Square also includes offices and apartments.

The centre is owned by Capital Shopping Centres and the City of Newcastle.

The Eldon Square project forms part of Liberty International's more than £1bn development programme for existing and new retail developments.

Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge