New owner reveals plans for St John's Centre investment
Perth city centre's regeneration could receive another timely fillip after plans to pump millions into St John's Shopping Centre were unveiled.
- By Alan Richardson
- Published in the Courier : 26.07.11
- Published online : 26.07.11 @ 10.07am
The High Street focal point was bought last month for £32 million by one of Britain's biggest pension fund groups, Universities Superannuation Scheme (USS).
Letting agents Cushman & Wakefield said talks are already under way to attract "national brand" retailers to Perth, bringing with them economic growth and hundreds of new jobs.
Stuart Moncur, head of retail in Cushman & Wakefield in Scotland, said, "There is huge scope to improve St John's Shopping Centre which has a lot to offer occupiers with a dominant town centre location, a catchment of more than 122,000 people and a strong level of consistent footfall.
"There are a number of national brands and retailers, which are not currently represented in Perth, who we are already in discussions with.
"We are also working with existing tenants to ensure the centre and their accommodation meets their current requirements.
"USS has an excellent record in driving the performance of shopping centres through new investment and refurbishment so Cushman & Wakefield are delighted to be working alongside them."
USS said it is keen to put a proper polish on its new 190,000 square foot "diamond in the rough."
Fergus Egan, fund manager retail and leisure at USS, said, "We enjoyed working with Cushman & Wakefield on the purchase of the shopping centre and we are keen to further develop our relationship with them.
"St John's Shopping Centre is something of a diamond in the rough as it is in a beautiful location and attracts fantastic, loyal shoppers and retailers.
"We have important plans to attract new retailers and enhance the profile and perception of the centre. If we can deliver all those aspects, this will ultimately make St John's a far more attractive asset."
The takeover comes at a time when Perth and Kinross Council is making a determined drive to transform the High Street, including new paving in pedestrianised areas.
Work to demolish Perth City Hall will also begin when planning permission is received and it will be replaced by a central plaza for community events.
The £12 million sale of nearby St Catherine's Retail was also completed this month, with plans in place to attract new retailers to that area.
04.01pm - 26.07.2011 Joyce - Perth, Scotland Report This
Where are they going to put these national brands if they do not have enough empty units? The problem with the units that are there is they are not large enough for most of the big named retailers. More should be done by the council to encourage retailers into the empty units in the town centre.
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