Telford Town Centre has moved a step closer to becoming a significant regional evening destination after Telford Council’s Plans Board voted to approve plans for a major new leisure extension to the 1 million sq. ft. retail-led scheme.
The Council’s backing means the Town Centre’s owners, AREA Property Partners, along with their partner, Hark, will now implement plans for a new state-of-the-art Odeon multiplex cinema. It will create an impressive new frontage alongside a new extension and external entrance to Debenhams and be supported by eight new restaurants.
Overall, the town centre offer will now be strengthened with: · 38,000 sq. ft. of new restaurant space · a 9 screen Odeon Multiplex Cinema · immediate access to over 1600 car-parking places and on-site bus stops · a remodelled entrance to Debenhams · increased connectivity through the existing scheme
Construction will begin this year, working to a programmed completion in 2014.
AREA Property Partners is an international real estate fund management group with a European portfolio with a value in the region of $15 billion. Telford Shopping Centre was acquired in 2007 in a joint venture with Hark Group.
Amongst AREA’s major retail and leisure investments are Wakefield Shopping Centre, X Leisure, Eurovea in Slovakia and Goethe Plaza in Frankfurt.
Bill Benjamin, European CEO of Area Property Partners, said: “We welcome the vote of confidence from Telford Council for our proposals and we are very excited about the benefits this will bring to the shopping centre and Telford Town Centre.” “We are delighted to have pre-let the new cinema to Odeon, which will provide a superb evening experience to our catchment area. The provision of a number of national chain restaurants will give the public variety and choice.”
AREA and their partners Hark Group are already in advanced talks with a number of leading national operators for the eight new restaurants and will shortly be announcing the first lettings.
Commenting on the scheme, David Henderson-Williams, Director of Hark Group, said: “Both Odeon and Debenhams have a long association with the town centre, and we find it particularly exciting to be working with both parties in the next step in developing the shopping centre and Telford town centre. Their support in this project is a vote of confidence for Telford.”
Odeon expect that the expansion and development of the retail, restaurant and parking offering in Telford town centre will attract both daytime and evening trade and this is reflected in their 9 screen investment.
Ken Taylor from Odeon said: “Odeon are extremely enthusiastic about the extension in Telford town centre and to have secured an agreement to open our Multiplex Cinema on such a great site. We believe our investment will play a major part in enhancing Telford as a leisure destination and that it will be well received by the public. We are greatly looking forward to opening for business in 2014.”
Odeon, operates 2,120 screens in 225 cinemas across Europe with 119 cinemas and 922 screens in the UK and Ireland. In the last quarter attendance levels have been up by 25% on last year and strong film content continues to drive demand for this affordable luxury. The prospect for the rest of the year remains positive with new releases to include: Batman, IceAge, Spiderman, The Hobbit and Skyfall, the latest James Bond picture.
