Peer Group plc prepares to regenerate Redhill Town Centre

www.propertyweek.com

Peer Group plc, the London based private property company, last week made presentations to Reigate and Banstead Borough Council for its proposed redevelopment of the Cromwell Road/High Street site in the centre of Redhill.

Peer Group plc prepares to regenerate Redhill Town CentreThe scheme (pictured) features a 75,000 square foot supermarket, 200 residential units, a 90,000 square foot office and 450 car parking spaces. Peer Group and their team of advisers have been working alongside the Council for the past two years to develop their ideas in conjunction with the Council’s own regeneration plans.

The site was identified in January 2009 by the Council in the ‘Redhill Town Centre, Area Action Plan, Preferred Options Document’ as their preferred location for a new supermarket led mixed-use development in the town as part of the Council’s vision for development between now and 2025. It is expected that the Cromwell Road/High Street site will be developed between 2013 and 2015.

Howard Dawson, Managing Director of Peer Group plc, said: “We have owned property on this site in Redhill since 2001. We now own the two primary buildings, Knowles House and Berkeley House, which currently provide secondary shopping and offices.”

“We were encouraged by the Council to bring forward our proposals which will bring jobs, added vibrancy and much needed regeneration to this important area of central Redhill. Our scheme will create a high quality environment, replacing unsightly and obsolete buildings with top quality shops, offices and housing as well as new public spaces in the town centre. Our proposals are viable and deliverable.”

Speaking of the Tesco proposal to build out of town on the Reading Arch Road site, Dawson added: “The Reading Arch Road site does not meet the Council’s stated objectives in the Area Action Plan. We consider that it would have a negative impact on both the retail success of the town centre and its regeneration. As with our own site, Tesco does not have a planning consent and the developer can only assemble the land with the assistance of the Council who control much of the land through long term ownership.”

Town centre sites such as Cromwell Road/High Street are always complex to develop. They need the cooperation of developer, landowners and the Council to work proactively towards mutually beneficial objectives. Peer Group does not control the whole site although they have commenced consultation with other interested parties. As part of their commitment to Redhill and its regeneration they will continue to work with the Council, fund the master-planning for the site and agree a program of milestones in the lead up to making a planning application.

Agents acting on behalf of Peer Group have spoken with all the major supermarket operators who have confirmed their desire to come to this site. The developer believes that if Tesco are rebuffed from their out of town location then they too will be keen to consider this site.

The Council is meeting again on May 13 and are expected to confirm their preferred location for the new supermarket during the summer.

Ends
For further information contact Howard Dawson, Managing Director of Peer Group plc, on 020 7940 8900 or hjd@peergroup.co.uk

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