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Green light for £75m Princesshay Leisure scheme

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Exeter City Council resolved to grant outline planning permission last night (Wednesday 20th January 2016) for the Princesshay Partnership’s £75m Princesshay Leisure scheme.

Now that outline plans have been approved, the Princesshay Partnership will begin discussions with the City Council regarding an appropriate Section 106 Agreement (a package of community benefits to accompany the development), and start work on more detailed plans to be submitted within the  reserved matters application.

As the more detailed plans are developed, there will be further opportunities for local people to view the evolving plans and provide their feedback.

The Princesshay Partnership is a collaboration between The Crown Estate and TH Real Estate.

John Grinnell, Deputy Head of Development at The Crown Estate said: “This scheme would represent a substantial investment in Exeter that will support the city’s position as the region’s most popular destination for shopping, leisure and business, whilst boosting jobs, trade and the local economy. We’re delighted with the council’s decision and will be starting work on the reserved matters application right away.”

Stephen Wicks, Director at TH Real Estate, comments: “When the new Partnership was created in late 2014 a key objective was to build the leisure scheme. We know from experience the vitality a modern cinema and restaurants bring to a city centre and are delighted the outline plans have been approved.”

Princesshay Leisure involves transforming part of Exeter’s bus and coach station site into a new retail and leisure destination incorporating a new cinema, restaurants, cafes and shops, as well as a substantial new city centre public square and amphitheatre and a package of improvements to the highways infrastructure. The plans form part of a wider masterplan which also includes a new modern bus station and leisure centre which are being brought forward by the City Council.  

It is anticipated that Princesshay Leisure could create as many as 750 new jobs for Exeter in the construction, retail and leisure sectors.

Disclaimer Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services.

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