The current owner Hermes had planned to spend £70 million investing in a complete overhaul of the shopping centre which would have included building a cinema plus many new shops and restaurants. This had originally been planned to start earlier this year but was postponed until 2018 due to planning issues over proposed changes to the entrance.
Instead there may now be no extension or just a further postponement as the UK developer British Land is reportedly close to completing the purchase of Royal Victoria Place.
British Land, the prospective purchasers of Royal Victoria Place are one of the UK's biggest property developers with an extensive portfolio of properties worth at least £13 billion, which includes the famous "Cheesegrater" building in the City of London. If the centre is sold to by Hermes to British Land, then the new owners will have the opportunity to invest further in their new property and still go ahead with the proposed extension to the shopping centre and add at least 10 new shops or restaurants.
Questions have been raised about whether the fact that there are a large number of shops empty in the shopping centre is related to the proposed extension. The fact that Hermes may have sold Royal Victoria Place is not supposed to be related to any difficulties involving the company but is said to be part of their long term overall investment strategy.
News in the same category
If you are a lover of chic, style and elegance than you will love the Anthropologies stores. This brand of stores created to fit that woman who finds it hard to find what she would wear or want to reflect in a world full of trends.
Wouldn't it be nice if your dry-cleaner could show up at your door, collect your dry-cleaning then deliver it back once ready? Well, thanks to Johnsons Cleaners, its now possible.
Lidl has opened a massive new supermarket in North Bristol on the site of a former bus depot. Located in Muller Street in Horfield, it will be the German discounter’s 12th store within the Bristol area.
As famous for its controversial advertising campaigns of the 1980s and 90s as it is for its colourful knitwear and fashion range, the United Colours of Benetton has opened its latest flagship store in London’s Oxford Street.
