Stanhope secures Hereford shopping development

UK property developer, Stanhope, has secured planning consent for its £80million Hereford Old Livestock shopping centre development. British Land will act as funding partner for this 310,000 sq ft new retail space – the first funding agreement

British Land has made since the recession led doom.

On completion the scheme will be worth approximately £100million – with Debenhams already secured as a main tenant.

Alistair Shaw, retail development director at Stanhope, said: “Over the past three years Stanhope and our wider team have lived and breathed this project and we feel that the application now approved by the council will bring Hereford the first rate leisure and retail facilities it deserves.”

Stanhope was chosen by the council to develop the scheme in 2007 but in 2009 the scheme was scaled back from 450,000 sq ft to 310,000 sq ft due to market conditions.

In October 2010, Stanhope publically exhibited its revised plans for the scheme, which saw a reduction in the amount of retail space and the inclusion of greater measures to ensure better connectivity between the old livestock market site and Hereford’s existing retail core The story behind the development is a bid by Stanhope to revitalise local town centres through more high street developments and to limit a developing trend for retailers to move to out of town shopping centres.

The company has already been involved in town centre regeneration projects in Bracknell and Stevenage. Stanhope said the scheme will lead Hereford Futures' 100 acre regeneration project and act as a catalyst for the growth of Hereford.

Stanhope will look to commence work in early 2012 with a view to completion in autumn 2013.