1. ITV Report

Future of Princesshay redevelopment in doubt after developers pull out

Photo: ITV West Country

The future of a major Exeter redevelopment is in doubt after developers announced they were pulling out.

The Crown Estate and TH Real Estate say they can no longer carry out the proposed extension to the Princesshay shopping centre "due to current market conditions".

The redevelopment would also have included Exeter bus station.

Credit: ITV West Country

The proposals, which took more than two years to finally be approved, had included plans to convert the bus station into restaurants and a cinema.

The Crown Estate says the financial climate is the main reason for pulling out of the project.

Unfortunately in the current market, many retailers and restauranteurs are now more cautious about making new commitments, particularly in proposed developments, which take time to build and therefore require a commitment several years ahead.

– The Crown Estate

The developer says despite the news it remains committed to the city of Exeter.

We’re now looking at what more we can do at Princesshay to further enhance the experience for shoppers and will continue to work closely with the Council and others in the area to help achieve this.

– John Grinnell, ‎Deputy Head of Development and Project Management, The Crown Estate