Newport shopping centre scrappedFriday, 12 June 2009
A new multimillion pound shopping centre in Newport has been scrapped after the firm behind the development pulled out. The £200m Friars Walk shopping centre was initially supposed to be completed by 2010. Newport council plan to retender the project and find a new developer for the site.
Council leader Matthew Evans said they had not been prepared to accept a scaled down version of the project. The original plan by Modus Corovest had featured a flagship Debenhams store, but work was delayed last year because of the credit crunch. Mr Evans said: "As far as the council is concerned we have reached the stage where a definite decision needs to be taken on the future of Friars Walk.
"We have done all we can as a council to get this scheme to the stage where the developers had to come up with the funding and go on site. n addition to Friars Walk, £100m is being spent on regenerating the city during the next 18 months.