News

GROUP AND TESCO PLC AGREE REGENERATION DEAL

April 2010

Following a five year redevelopment programme, the Howard Group has agreed the sale to Tesco of part of the Werrington Shopping Centre in north Peterborough. The purchase has now been completed and will enable the regeneration of this £40m scheme to get underway with Tesco's plan to construct a new 75,000 sq ft superstore.

The plans for the regenerated district Centre also include a new family pub/restaurant, additional retail units and public open spaces. These elements together form the basis of the proposals by HPG Developments, the development arm of the Howard Group. The scheme will revitalise and regenerate the whole district centre. Completion of the sale of the site to Tesco took place on 19^th April.

HPG will continue to own and manage other parts of the Werrington Centre. The comprehensive redevelopment will include a range of important benefits to the community. These will include improvements to parking, a new roundabout - replacing a current accident black spot, real-time public transport information displays, CCTV system, public art and a recycling scheme. The developments are likely to create approximately 250 new jobs for the local community.

HPG Developments Director, William Jewson said; "We are delighted that after nearly five years of hard work the project has progressed to this point. We have worked closely with Tesco over this period and are pleased that they will be continuing the project through the construction phase. With this element now completed, HPG Developments is turning its attention towards the second phase of the project which will bring about still further improvements to the Werrington Centre. This is a major project for the Howard Group and a significant milestone in our history as we celebrate our 75^th anniversary this year."  

Nick Gellatly of Tesco said: "This acquisition is good news for our customers as it ensures that we will be able to deliver the better store that was consented last year. We have worked closely with the developers and planners to reflect local aspirations and we hope to announce details of our development programme in the coming months.Both parties are committed to delivering these improvements to this important city location."