£1M INVESTMENT AT CENTRAL SQUARE19/04/2016
The owner of Central Square in Maghull has unveiled plans for an ambitious £1 million investment that will bring new retailers to the scheme.
London & Cambridge Properties (LCP) manages the square on behalf of the owner, Grainrent Ltd, which has committed to investing in the development by reconfiguring the some of the existing 40 units to create an additional 15,000 sq ft retail space.
Matt Pegg, asset manager for LCP, said existing tenant Home Bargains is planning to almost double its existing space by moving into a unit of about 10,000 sq ft.
Discussions with national retailers for the remaining space are ongoing, with units from 1,800 – 5,000 sq ft available.
Plans are in place for improvement works to landscaping and the public space, while the number of car parking spaces will increase from 75 to 97 and work undertaken to improve traffic circulation.
LCP has submitted a planning application to Sefton Metropolitan Borough Council for the planned works.
Matt said that works could begin as early as spring 2016, if the council grants planning consent, with an expected completion in the autumn. The first new tenants could be in place before Christmas.
Grainrent Ltd took over Central Square last summer and LCP has held an investment in the town centre, which includes Morrisons, on the opposite side of Westway, for 20 years.
“We have drawn up exciting plans to improve the retail offer at Central Square, providing visitors with a greater range of stores locally,” said Matt.
“Since taking over ownership of the Central Square area, we’ve been keen to put our plans into place and we are looking forward to working with the local community, Maghull Town Council and Sefton MBC to deliver this exciting new development.”
It has already begun to refurbish a number of apartments, which are located above the shops.