The scheme is the only significant retail development to open this year and the first major retail development in Hereford for 25 years. Old Market was developed by Stanhope and funded by British Land, who now takes ownership of the scheme.
Old Market comprises 18 retail units, eight restaurants, a café, five kiosks, a six-screen Odeon cinema, 600 car parking spaces and new public squares and spaces. The 310,000 sq ft open-air shopping centre located in the heart of Hereford city centre is 96 per cent let by area and is anchored by the city’s only department store, a three-storey, 85,000 sq ft full offer Debenhams.
The scheme’s line-up of fashion retailers includes H&M, Next, Fat Face, TK Maxx and Outfit as well as L’Occitane and Clarks. Waitrose has also opened a 24,000 sq ft store, the first in Hereford. And leisure accounts for 21 per cent of the scheme, creating an evening economy and extending the centre’s trading hours. The line-up includes a six-screen Odeon cinema, as well as Chimichanga, Costa, Frankie & Benny’s, Miller & Carter, Nando’s, Prezzo and Zizzi.
Charles Maudsley, head of retail for British Land, said: “Old Market delivers a high quality retail and leisure experience to an affluent catchment. Attracting some of the best known retailers in the UK, including the city’s only department store, Old Market will enhance footfall and keep spend in Hereford. The scheme opens at 96 per cent let by area which is ahead of target and testament to the desirability of the scheme, location and catchment.”
Gary Bourne, development director for Stanhope, added: “The opening of Old Market represents the culmination of many years of hard work by numerous people working in close partnership. We are extremely proud of what has been achieved here in Hereford, we have delivered a market leading scheme with an impressive tenant line up. Not only has Old Market provided 1,100 jobs for Hereford, it will act as a catalyst for further investment in the city and the surrounding area.”
Old Market was designed by Allies and Morrison and Leslie Jones and was built by Sir Robert McAlpine. The letting agents are Strutt & Parker, Green & Partners and Cushman & Wakefield. The managing agent is Smith Young.