The transformation of a 30-year-old Bristol shopping centre could be one of the “most exciting” development opportunities in Britain in the next decade, a commercial property expert in the city has said.
The Galleries, in Broadmead, is set to be turned into a mixed-used development over the next five to 10 years.
According to Tim Davis, head of the Bristol office of real estate company Cushman & Wakefield, mixed-use schemes will become "essential" to town centres in the future. The news follows the collapse of dozens of big-name high street chains in 2020.
It is not yet known what the development will include but it will have at least two different uses. This could be a mixture of residential property, offices or retail space.
The Galleries was originally opened in 1991 but has struggled in recent years to compete with upmarket rival Cabot Circus.
It has failed to attract higher-end stores - and has seen numerous chains, including discount shops such as Poundworld, disappearing.
In 2019, the centre was sold off by global investment firm InfraRed Capital to LaSalle Investment Management for around £32million - down on the £50.1million it was sold for in January 2011.
Mr Davis said: “Logistics and retail sectors are increasingly linked as the growth of e-commerce continues accelerated by Covid-19.
“The buoyant former is set be strong, while the latter is still looking for solid ground, with more CVAs likely post-Christmas.
“Retail will need to focus ever more on the customer experience in physical shops, with future placemaking and mixed-uses in our town centres essential.”
According to Mr Davis, Bristol’s commercial property market is likely to bounce back from the current economic downturn quicker than other regional cities.
He said the University of Bristol’s growth will also feed the need for further purpose-built student accommodation in the coming years.
“We anticipate further mixed-use schemes coming forward in 2021 with scalable build-to-rent product, as the much-needed development pipeline continues to grow," he added.
“2021 should see the largest release of new product with around 495 apartments due to open.”
