Asda's former store, which occupies a 3.2 acre (1.3 ha) town centre site is to be redeveloped by CTP and Development Securities. The project will include 28 retail units in a mall that links the high street with Asda at the rear.
Development Securities has paid CTP£5 million for the site, which already has planning permission. It plans to begin construction immediately, with completion expected in spring next year.
Hardware chain Wilkinson has signed the first pre-letting, taking the 28,990 sq ft (2,695 sq m) anchor store for£218,000 a year. The completed scheme is expected to generate a rental income of£1.4 million a year.