Sheffield-based Dransfield Properties has announced plans to overhaul Stroud’s Merrywalks shopping centre after purchasing the site for £10m.
Dransfield purchased the centre from previous owner Streetlands and plans a £12m programme of phased investment.
The purchase of the centre and the transformation is being financed in part by Lloyds banking group, which is providing £12m in loans for the purchase and remodelling works.
According to Dransfield a new Edwardian style entrance will also be created from King Street and other changes include new high quality office and residential accommodation as well as new and refurbished retail, restaurant and coffee shop units and improvements to the gym and bowling alley.
Managing director of Dransfield Properties, Mark Dransfield said: “Merrywalks has suffered from a serious lack of investment in recent years. This is a great opportunity for us to reverse the centre’s fortunes and attract restaurants and retailers which we know would love to have a presence here in Stroud but can see that the centre needs some major improvements.
“We know from our work in other town’s that strong architecture and good links with the rest of the town are key to successful town centre developments.
“Pro-active management is also hugely important to a centre’s success and we pride ourselves on well managed centres and on our engagement with the local communities in which we work.”