The Mouth – Bournemouth – Poole – Christchurch

NewRiver Retail acquires former TJ Hughes department store in Boscombe

TJ Hughes department store in Boscombe

TJ Hughes department store in Boscombe

Stuart Mitchell, Associate Director at NewRiver Retail and asset manager for the Sovereign Centre, said, “Contrary to popular belief, until now the TJ Hughes store was not under NewRiver Retail’s ownership, which prevented us from gaining the control needed to unlock the potential for the Sovereign Centre. When the owner of the store went into administration earlier this year we moved quickly to enable the acquisition. With ownership of the whole site, we are delighted to be able to progress our significant redevelopment plan.” 

NewRiver Retail’s plans include a greatly enhanced retail and leisure offer, which also includes refurbishment works within the existing centre. The company is already in discussions with national retail and leisure operators in relation to the redevelopment and expects to be able to announce a new anchor store and additional occupants in the near future. 

Councillor Jane Kelly, Cabinet Member for Partnerships and Regeneration, Bournemouth Borough Council, said, “This acquisition should be seen as a milestone in the regeneration of Boscombe and will be a real boost for the precinct and we’re happy to be supporting NewRiver Retail with this major project.”  
 
NewRiver Retail completed a comparable redevelopment in Wallsend, North Tyneside, earlier this year, working closely with North Tyneside Council. NewRiver acquired the vacant Co-Op building within The Forum Shopping Centre and transformed it into a modern 50,000 sq ft library, and community centre with the creation of additional new retail space for Iceland, 99p Stores and Home Bargains. NewRiver’s £5 million investment delivered an innovative town transformative redevelopment demonstrating its commitment and ability to help regenerate the town and drive economic sustainability.

 

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Posted by on May 29 2014. Filed under Boscombe. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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