A Scottish property group has submitted plans for the proposed £35million redevelopment of an Ipswich shopping centre.
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Drum Property Group, which has offices in Aberdeen and Edinburgh, has teamed up with Capital & Regional to detail their plans for Buttermarket Shopping Centre in Ipswich.
Buttermarket, which is the town’s largest covered shopping centre, was acquired by the two firms in March for £9.2million.
The proposed redevelopment includes the implementation of a 16-screen cinema complex, six new restaurants and the addition of a number of major national brands.
The planning application, which has been submitted to Ipswich Borough Council, is an evolution of existing plans for the centre, approved by Ipswich Borough Council in 2013.
Graeme Bone, Group Managing Director of Drum Property Group, said: “Our plans represent a significant investment in Ipswich town centre that will deliver additional and improved retail and leisure amenities for local residents and the wider region. We have a real opportunity to develop Buttermarket into a vibrant shopping centre everyone can be proud of.”
Hugh Scott-Barrett, Capital & Regional CEO, said: “We believe our proposals will revitalise not just Buttermarket Shopping Centre, but Ipswich town centre as a whole by introducing a tailored mix of retail and leisure facilities. We look forward to working with Ipswich Borough Council, the town’s retailers and the local community to advance these plans.”
Drum Property Group is a privately-owned real estate development and investment business based in Aberdeen and Edinburgh. It currently has projects under development with an end value in excess of £1billion, in addition to owning and managing an extensive existing residential and commercial investment portfolio.
Capital & Regional owns a portfolio of in-town community shopping centres, comprising six Mall shopping centres in Blackburn, Camberley, Luton, Maidstone, Walthamstow and Wood Green and a 20% joint venture interest in the Kingfisher Centre in Redditch, in addition to Buttermarket. These centres consist of 800 retail units and attract 1.6 million shopping visits each week.