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26/09/2017

Crown Estate drops Exeter extension

Words: Huw Morris
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The Crown Estate has pulled out of a £100 million city centre extension in Exeter, citing ‘market conditions’.

It has cancelled plans to extend Princesshay shopping centre, which would have created five blocks up to 23 metres tall around an outside public amphitheatre.

The plan had included 17,739 sq m of internal floor space after the demolition of 7,195 sq m of existing buildings as well as the redevelopment of the city’s bus and coach station.

Exeter City Council leader Pete Edwards said the Crown Estate had blamed the cancellation on market conditions at a meeting last week. He added that the council is likely to retender for a new developer and address design implications caused by the withdrawal.

A statement from the Crown Estate said: “Unfortunately in the current market, many retailers and restaurateurs are now more cautious about making new commitments, particularly in proposed developments, which take time to build and therefore require a commitment several years ahead.”

Image credit | iStock

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