Construction has begun on Chelverton Deeley Freed’s (CDF) Mill Street £40m shopping development in Aberystwyth town centre.
The Mill Street scheme will comprise a new 65,000 sq ft Tesco superstore together with a 54,000 sq ft Marks & Spencer and eight flats served by a 550 space car park. It is expected that the two stores will directly create 290 jobs for the local economy.
The scheme has commenced following the completion of a tripartite development agreement between Ceredigion County Council, CDF and Tesco.
The construction, which began in early December, is expected to complete by early summer 2016. The Mill Street development is estimated to boost town centre trade by between £1.6m and £3.5m a year.
Retail and leisure property specialist EJ Hales was appointed to act on behalf of Tesco in agreeing the deal to purchase the store. The Cardiff-based agents also acted for CDF in advising on the pre-let to Marks & Spencer.
Simon Morgan of Chelverton Deeley Freed, said: “CDF is delighted to have commenced construction on the Mill Street development. We believe it will be a huge boost for the local economy. To have secured the support of Tesco and Marks & Spencer in the current market reflects the strength of Aberystwyth as a retail centre. CDF appreciate and value the expert advice that was provided by EJ Hales in helping to secure these high profile retail companies.”
Andrew Williams, partner at EJ Hales, said: “The Mill Street site is the perfect size and location for a retail development of a scale to accommodate the requirements of Tesco and Marks & Spencer. Once completed, the scheme will further strengthen Aberystwyth as a retail centre and benefit the local economy through the creation of a significant number of new jobs.
“We are looking forward to seeing the development once construction is completed.”