Newcastle mall to see major extension
Capital Shopping Centres has increased its holding in Newcastle's Eldon Square shopping development, paying Shell Pension Trust£45 million for half of its 30 per cent interest. CSC will now progress plans for a major extension to Eldon Square, Newcastle's prime city centre mall.
The deal takes CSC's stake in the shopping centre to 45 per cent. Shell retains a 15 per cent interest, and the remaining 40 per cent is owned by the City of Newcastle.
Final approval has now been granted for three major enhancement schemes, which between them will provide 468,000 sq ft (43,480 sq m) of retail space, including a 175,000 sq ft (16,260 sq m) department store and large format shops to meet retail demand at the southern end of the centre.
The plans also provide for a bus station and new mall at the northern end of Eldon Square, as well as a revitalised Old Eldon Square with shops and restaurants. Construction on the first phase is expected to start next year.
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