Three acre major new shopping centre in Truro on the cards by 2015

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THERE could be a major new multi-million-pound shopping centre in Truro by 2015, it emerged this week.
A deal was secured last month that will end years of speculation for a three-acre "regeneration site" on Pydar Street.
Developers Stanhope and LaSalle have completed a £6 million-plus deal. The company said it had bought the land with the hopes of joining it with the Cornwall Council owned Carrick House site – to create one new super complex.
If a deal with the local authority can be reached it intends to develop a new £70 million 300,000sq ft retail scheme of 30 shops and restaurants. It hopes to put forward plans by as early as this time next year.
Vacant possession of the Pydar Street site can be secured in the next two years.
If everything goes to plan work could start on the centre by 2013, with completion two years later.
Alistair Shaw, retail development director at Stanhope, said: "It is very much the idea that we would develop in partnership to create one development. While each site is capable of independent development, the greater good would be combing the two sites and doing something much more special and individual."
The scheme would fit in well with others in its retail portfolio including Princesshay in Exeter, and the Old Livestock Market in Hereford.
He added: "This scheme is a fantastic follow-on from our Hereford scheme, as there are so many similarities. They both have very large, wealthy and isolated catchments and are very pretty towns.
"We would like to think we could agree a masterplan with the council and build up for a planning application for this time next year."
Resilience
Neil Scott, of Totally Truro, said the decision to buy the site from Resolution Property after years on the market showed the developers had faith in the city's continuing resilience.
He said: "You have to look at it in the context of the broader future development of Truro and this goes back to the Cornwall retail study which says there is capacity for further retail growth within the city, but timing is critical and the retail survey was indicating that the best time will be in a few years rather than immediately.
"It would bring us the opportunity for some larger space retail. We hear of some larger multiples being bandied about, but there is no floor space for them. This will provide the opportunity.
"It would mean that a developer with a track record has purchased a large plot within Truro, an indication of the broader market within, because the city is quite unique in terms of the size of its town with its catchment area."


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