Market day dawns in Hereford
Published: 17 June, 2014
The £90m Old Market shopping centre in Hereford - the only significant retail development this year - has opened 96 per cent let or under offer.
The 310,000-sq ft open-air shopping centre in the heart of Hereford city centre was developed by Stanhope and forward-funded by British Land. It is the first major retail development in Hereford for 25 years and is anchored by the city’s only department store, a three-storey, 85,000-sq ft full-offer Debenhams.
The scheme has attracted a strong line-up of fashion retailers including H&M, Next, Fat Face, TK Maxx and Outfit as well as L’Occitane and Clarks. Waitrose has also opened a 24,000-sq ft store, its first in Hereford.
Leisure accounts for 21 per cent of the scheme’s floorspace, creating an evening economy and extending the centre’s trading hours. The line-up includes a six-screen Odeon cinema - the city’s first multiplex - as well as restaurants for Chimichanga, Costa, Frankie & Benny’s, Miller & Carter, Nando’s, Prezzo and Zizzi.
British Land’s head of retail, Charles Maudsley, said: “Old Market delivers a high quality retail and leisure experience to an affluent catchment. Attracting some of the best known retailers in the UK, including the city’s only department store, Old Market will enhance footfall and keep spend in Hereford. The scheme opens at 96 per cent let by area which is ahead of target and testament to the desirability of the scheme, location and catchment.
“Having successfully opened our award winning Whiteley retail and leisure development last year, we are very pleased to follow this with Old Market which is the UK’s only retail opening in 2014.”
And Gary Bourne, development director at Stanhope, added: “The opening of Old Market represents the culmination of many years of hard work by numerous people working in close partnership. We are extremely proud of what has been achieved here in Hereford, we have delivered a market leading scheme with an impressive tenant line up. Not only has Old Market provided 1,100 jobs for Hereford, it will act as a catalyst for further investment in the city and the surrounding area.”
Old Market was designed by Allies and Morrison and Leslie Jones and was built by Sir Robert McAlpine. The letting agents are Strutt & Parker, Green & Partners and Cushman & Wakefield. The managing agent is Smith Young.
Old Market facts & figures
- Located on the site of Hereford’s former livestock market, Old Market comprises 18 retail units, eight restaurants, a café, five kiosks, a six-screen Odeon cinema, 600 car parking spaces and new public squares and spaces.
- The scheme has created 1,100 jobs and Hereford rises 29 places in the UK retail rankings to 90.
- Wealthy achievers account for 51 per cent of Hereford residents, more than double the UK average.
- The catchment has a £244m comparison goods spend, which is forecast to rise by 47 per cent, and a £52m catering spend potential.
- Post development, Hereford’s shopper population is expected to increase by 25 per cent.