A Nottingham-based developer has acquired one of Colchester’s best-known shopping centres as part of plans to breathe new life into the city centre destination.
ALB Group has completed the acquisition of St John’s Walk Shopping Centre and is preparing to invest significantly in the site, with the immediate aim of attracting new retailers and filling the remaining vacant units before Christmas.
The shopping centre occupies a prime location in the heart of Colchester and is home to a mix of national retailers, independent businesses and a popular city centre car park.
ALB says the acquisition represents a major opportunity to build on the centre’s strengths while working closely with Colchester City Council and local businesses to maximise its long-term potential.
Arran Bailey, Managing Director of ALB Group, said: “St John’s Walk is an important destination in the heart of Colchester and we see huge potential for its future.
“Our immediate priority is to invest in the centre, attract new retailers and bring fresh energy back to the high street. We believe the centre has all the ingredients to thrive and we’re looking forward to working with local businesses, the council and the wider community to help shape its next chapter.”
Tim Lloyd, Director at commercial property agents Cited said: “We look forward to working with ALB to let the two longstanding large vacant units and create some smaller kiosks and offer good value with the benefit of being adjacent to one of Colchester`s biggest car parks.
“We will be offering both permanent and flexible leases on inclusive rents and with the investment that ALB will be making the units will be ready to trade immediately.”
ALB Group plans to invest significantly in the shopping centre over the coming months, with work already underway to secure tenants for the remaining vacant units ahead of the busy Christmas trading period.
The developer will also work alongside Colchester City Council in its role as both a key stakeholder and planning authority to maximise the centre’s role as a shopping destination while making the most of its parking facilities and wider city centre location.
The acquisition is the latest addition to ALB Group’s growing portfolio of regeneration and investment projects across the UK as it continues to identify opportunities to unlock the potential of prominent town and city centre sites.
