High hopes for Exeter scheme

Princesshay shopping centre, Exeter

Mitchell Labiak asks whether council’s £300m mixed-use town-centre scheme will come to fruition

Having announced that it would build a 180,000 sq ft extension of the centre as part of a joint venture with Nuveen (then TH Real Estate) back in 2016, The Crown Estate decided to step away from the £75m project in 2017 because of what were described at the time as “market concerns”.

Undeterred by this, Exeter City Council announced last year that it had plans to turn the same site into a £300m mixed-use scheme. While the council aims to stump up £51.8m towards the bus station that forms part of the development, it will need the rest to come from private sector investors. None have so far been confirmed.

So how likely is this latest proposal to succeed when the proposed Princesshay extension failed?

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