PROPERTY Intu continues push toward mixed-use projects Te Corn Exchange has spurred redevelopment


Manchester Corn Exchange to undergo £30m revamp


A boutique hotel is at the heart of a £30m redevelopment of Manchester’s Grade II listed Corn Exchange, with operators invited to express interest in the project. Te building’s owners – Aviva Investors –


are behind the redevelopment programme which will include 13 new independent res- taurants and the 86-bedroom Edwardian hotel, featuring a breakfast room and lounge which will be overlooking Exchange Square. Simon Green, asset manager at Aviva


Investors, said: “We are committed to the full redevelopment of this remarkable build- ing. Te vision is to create a new legacy destination for the city that will cement its future fortunes and act as a catalyst for more regeneration. Details: http://lei.sr?a=F5M7v


North Shields waterpark to get £1.1m new lease of life


A waterpark in North Shields, Tyne and Wear will reopen following a £1.1m revamp. Wet ‘n’ Wild entered into administra-


tion in October despite the attraction being profitable for “much of the year”. Moirai Capital


Investments has


appointed Serco to manage and operate the waterpark, which has been leased to Serco for a period of 25 years. Moirai will transform and refurbish the Waterpark into a modern family leisure attraction with the financial investment. The waterpark offers more than 1km


(0.62m) of slides including the hurricane, the kamikaze, the abyss and calamity canyon. Te investment will see the devel- opment of a new reception, shop and café. Te former gym and dance studios will also be converted into specially-designed chil- dren’s soſt play and birthday party area, while the former health suite will become a dedicated family changing village. “Wet ‘n’ Wild is a great facility and we are


looking forward to transforming it together with Moirai Capital Investments to give it a new lease of life,” said Kevin Tomas, who is the transition director for Serco. Details: http://lei.sr?a=x4c5C


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Shopping centre owner and operator Intu has outlined plans to raise capital by selling sections of its biggest cen- tres to investors to continue its concerted push towards mixed-use developments. More than half of the


company’s £1.2bn develop- ment pipeline is expected to be spent on adding food and leisure outlets to its portfolio, as it moves to capitalise on the growing popularity of desti- nation shopping, known also as ‘retailtainment.’ Among the company’s


Intu looks set to pursue leisure projects like its £80m Lakeside expansion


ongoing food and leisure projects are the £80m Lakeside development in Essex and large-scale mixed-use plans to refurbish its Watford centre. A company- issued management report noted that Intu


was beginning to see areas of strong inter- est from retailers, particularly in centres where it has been or has plans for investing. Details: http://lei.sr?a=t7F7Q


£2bn plans for Covent Garden Market


Te UK’s largest fruit, vegeta- ble and flower market, Covent Garden Market, could be the setting for a £2bn redevelop- ment featuring 3,000 homes plus a combined 21,000sq m (226,042sq ſt) section of lei- sure, office and retail space. Architecture giants BDP


and SOM have submit- ted plans – a “refinement” of the scheme by Foster & Partners and Neil Tomlinson Architects which won plan- ning in 2012 – for the regeneration of the New Covent Garden Market site in central London. Te Covent Garden Market Limited Partnership, an asset which included 31 properties including the market itself and the London Transport Museum, was sold to Capital & Counties for £420m in 2006. Te latest plans, which cover Vinci and St Modwen, have been backed by the Covent


Records of the market go back to 1654, with the current structure built in 1830


Garden Market Authority and would see a new food quarter created as part of the new market, while around 50,000sq m (538,196sq ſt) of facilities will be developed for the 200 business that operate out of the massive bazaar. Te plans include an 8ha mixed-use resi- dential element. Details: http://lei.sr?a=Q8P3d


Seaton Leisure Complex gains approval after bat row


Plans for a £15m leisure complex in Seaton, Devon, are finally set to commence aſter being stalled by the presence of a bat population. Te hilltop scheme – which will include a


boutique hotel, restaurant, spa and gym as well as 38 two- and three-bedroom luxury


Read Leisure Opportunities online: www.leisureopportunities.co.uk/digital


rental lodges – was initially rejected because of objections by Natural England, which was concerned about interference with bat move- ments in the area. Te plans have now been modified to include a “bat corridor” on the site. Details: http://lei.sr?a=G8M5w


Twitter: @leisureopps © CYBERTREK 2014


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