Capital Shopping Centres has teamed up with Watford Borough Council to redevelop the Charter Place shopping centre.
CSC has proposed leasing and then redeveloping Charter Place and subsequently incorporating it into The Harlequin shopping centre, the freehold of which is also owned by the council. The council has now agreed to progress discussions with CSC to enable the redevelopment of the 1970s shopping centre.
The council had been working with Henry Boot Developments to redevelop Charter Place, but the council has said CSC’s own adjoining interests ultimately meant it could offer a better proposal and rejuvenate more of the town centre and high street.
CSC had been appointed as the original developers in 2003, but were dropped in 2008 after failing to agree plans. London and Regional was then appointed but pulled out of the redevelopment last year. Henry Boot was then selected for the redevelopment last June.
Charter Place shopping centre lies at the heart of Watford’s retail core and links directly into both malls of the Harlequin Shopping Centre. Watford Borough Council is the freehold owner of the scheme, which currently offers 39 retails units extending to approximately 300,000 sq ft.
Managing director of Watford Borough Council, Manny Lewis, said: “Everyone is agreed that bringing Charter Place into the 21st century is vital to the town’s success as a leading regional destination for shopping, entertainment and leisure. When we considered CSC’s proposals we felt that their unique ability to incorporate Charter Place with The Harlequin and their other existing interests meant they were in the best position to ensure that the redevelopment will become a reality.”
Jonathan Ainsley, asset management director at CSC, added: “As long standing investors in Watford, we are excited about the opportunity and look forward to working with the council to deliver a retail and leisure offer to benefit Watford as a whole.”
The decision, taken by Watford Borough Council’s Cabinet on 18 June 2012, is subject to finalising of legal and commercial negotiations with heads of terms expected to be signed in the coming weeks.
19 November 2012
22 June 2012