PPR buys Topshop’s flagship Norwich store
PPR Estates (PPR) confirms the acquisition of the former Topshop store in Norwich from the administrators for an undisclosed fee. The 0.42 Acre freehold site in Haymarket, Norwich has been vacant since Topshop collapsed in February this year. Comprising circa 39,000 sq ft of prime town centre space; it presents a strategic repositioning challenge to meet changing town centre needs in the post-Covid, internet shopping and convenience driven world in which we now live.
Jon Caplan, MD of PPR comments: “We are excited to add this prime asset to our town centre portfolio and look forward to working with all our stakeholders to bring it back to life very soon. We are actively talking to potential new occupiers and local Planners to ensure the site has a sustainable future that meets Norwich’s needs.”
PPR has considerable further funds to invest in similar site acquisitions this year and beyond. Our strategic aim is to repurpose vacant and under-utilised properties to create thriving mixed-use residential, retail and commercial units whilst balancing Environmental, Social & Governance (ESG) concerns through hands on asset management and redevelopment. At the simplest level, by creating flexible spaces.
Recent additions to the PPR town centre redevelopment portfolio include Winchester, as well as multiple development sites across a range of town centres including Chichester, Stratford-Upon-Avon, Tunbridge Wells, Lewisham, Bromley and Oxsted earlier in the year.