Commercial Property News

Our magazines are published bi-monthly with in-depth features and news for the commercial property industry. On this page we have the latest news to keep you constantly updated on the market. On the left hand side of the page you can search our archived news which is stored monthly.



Sunday, May 18, 2023

Terrace Hill Group get OK for Cumbrian retail development

A 45,000 sq ft out-of-town retail park in Penrith, Cumbria, has been given the go-ahead by Eden District Council.

The 12 million development at Ullswater Road by AIM-listed developer Terrace Hill and Davidson Junction 40 will feature five large retail units and two restaurants. It offers retailers space in purpose-built units which are not available elsewhere in the town and customers immediate access to major brand shops

Duncan McEwan, retail director of Terrace Hill, commented: "This is tremendous news for Penrith. The retail park will attract new businesses, create over 200 jobs and give consumers greater choice.

"Already national retailers such as Pets at Home and Carpetright have shown interest," said Mr McEwan. "We hope the park will help stem the exodus of shoppers leaving Penrith for Carlisle and Kendal," he said.

David Innes, partner at global property consultancy Knight Frank who submitted the plans on behalf of the developers, said: "The planning consent is a major boost for this development. Now we can offer national retailers space in purpose-built units and customers in the Penrith area can have immediate access to major brand shops which they previously had to travel some distance to get to.

"The new retail development will help to keep shoppers in the town, increasing footfall and spin-off trade for existing and independent retailers," he added.

Duncan McEwan explained; "This shopping park will sit comfortably with the town centre proposals and will attract a different form of retailer that is not being accommodated in the New Squares development proposal in the centre of Penrith. We have already had a number of written inquiries from retailers seeking representation in Penrith."

The park, near Penrith railway station, will have 263 on-site car parking spaces.

It is envisaged that construction of the park will begin later this year following the relocation of the J40 business to new premises in the town.