Category : Commercial General property news
A major commercial property project that will create a new retail core in Portsmouth has moved closer to becoming reality following the decision of the city council to approve a reserved matters application.
The £500 million project by developers Centros plans to revitalise the Northern Quarter of the city with a John Lewis department store and 80 shops, reports Property Week.
Development director John Marsh told the magazine: "Our development of Northern Quarter is vital for the regeneration of Portsmouth city centre."
A further obstacle the firm is facing is a legal objection to its compulsory purchase order for the site, although a company spokesman said it was sure this would be defeated in court.
One city where a major redevelopment project is already certain to go ahead is Bristol.
It has been announced this week that work will start in a month on the mixed-use regeneration of the site of an old airfield at Hengrove Park in the south of the city after planning permission was granted last week, Property Wire has reported.
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