Intu plans to give its Lakeside shopping centre a £168m facelift, adding around 40,000 sq ft of retail space.
The expansion will transform the shopping centre into a “Regional Town Centre”, according to the planning applications submitted to Thurrock Council.
The plans include 30 to 40 new stores which will be added to the 250 shops at the centre, which include House of Fraser, Debenhams and Primark.
Intu also plans to partly demolish the existing Debenhams store and the centre’s bus station to facilitate the extension.
The proposed development is expected to cost around £168m.
The move is part of Intu’s five-year “transformational strategy”, launched after retailer company voluntary arrangements (CVAs) saw its rental income tumble.
Intu’s like-for-like net rental income fell 7.7% to £205.2m in the six months to 30 June, while its property revaluation deficit widened to £872.1m, from £650.4m during the same period last year.
Revenue dropped 6.2% to £279.9m due to a reduction in rents received. Its overall loss for the first half widened to £829.6m.