Shopping centre space set to increase - commercial mortgages

30 November 2006

The market for investors with commercial mortgages saw an increase in the availability of shopping centre retail space planned during the past six months, according to an industry expert.

CB Richard Ellis reports that there was an 11 per cent increase in the amount of shopping centre space to be constructed, with proposed developments predicted to exceed six million sq ft, the Journal reports.

Commenting on the trend, the firm says: "While out-of-town floorspace under construction has risen over the past year, development in this market continues to be slow moving because of planning restrictions which are discouraging this form of development."

Meanwhile, proposals for the construction of 167 retail units in the Cheapside area of London have been announced by the City of London''s policy and resources committee, Reuters reports.

The one million sq ft project is to consist of two developments on Wood Street and Bread Street, expected to be completed in 2007.