History
The malls have shared a turbulent recent history, coming under common ownership in 2003 under Dunedin Property. Protego’s UK Actively Managed Shopping Centre Fund acquired the centres in 2006, serviced by a loan provided by Lehman Brothers. Defaulting on £82m of that loan, the centres entered receivership with the collapse of Lehman.
UK Commercial Property Trust took control of the three centres in March 2010 and is under management by Ignis Asset Management, advised by Shearer Property Group. In October 2010, Chapman Taylor Architects were hired by Shearer Property to devise plans for refurbishment as part of a wider renewal and redevelopment of the estate.
There has long been an ambition to physically link the Darwin and Pride Hill shopping centres. The most pursued opportunity has been through the development of vacant land between the sites to precede a larger-scale regeneration of the Riverside site. The 'Gap site' was a retail and leisure link development proposed by Morris Property, owners of the land, and was granted full planning permission in 2006 prior to the centres being sold to new owners. The onset of economic crisis ensured the scheme was put on hold. Dunedin, promoters of the scheme in 2005, put four branding proposals to the public vote in a high-profile marketing push for the renaming of the present centres following the new development's completion. The reconfigured centre would have been branded 'Castle Gate'.
Read more about this topic: Castle Gate Shopping Centre (Shrewsbury)
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