Shopping centre scheme for Caddick

CADDICK Developments is to bring forward a major £70m shopping centre scheme in a move that heralds a show of confidence in the development market.

The Leeds-based developer has agreed heads of terms on a development agreement for the Vineyard Gate development in Colchester.

Caddick group director Johnny Caddick told TheBusinessDesk.com that there were opportunities for well-established companies such as the Yorkshire business.

Mr Caddick said: "We've been very fortunate with the way we were positioned at the time that the downturn happened.

"We're not in the best market but we've got lots of things bubbling along that are coming through. Opportunities are presenting themselves."

The Vineyard Gate scheme will comprise 140,000 sq ft on two levels and 25 new shops and restaurants will be included as well as a car park. Two anchor stores of 20,000 sq ft and 50,000 sq ft will also feature.

Mr Caddick added: "We have been working with Colchester Borough Council’s officers and advisors for some time to find the right solution for Vineyard Gate.

"We are confident that the new scheme is realistic and deliverable and are looking forward to working with Colchester Borough Council to deliver the project."

Councillor Lyn Barton, portfolio holder for renaissance at Colchester Borough Council, said: “We welcome Caddick’s new proposals for Vineyard Gate, which will do much to improve Colchester’s retail offer, improve trade in the town and boost jobs and economic growth."

Established in 1979 by Paul Caddick, Caddick Developments has developed major projects including Scarborough Business Park and Leeds Valley Park and is one of the region's best known property companies.

The business developed the first major business park in Yorkshire at Wakefield 41 Business Park and it also has a retained stake in the Trinity Leeds shopping centre.

Caddick Developments and its associated interests own various property investments in the commercial and residential sector. The portfolio has a present value of around £50m.

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