24th September 2020
InfraRed plans 2,800-home scheme at Eastgate Shopping Centre
Shopping centre investor InfraRed Capital Partners has lodged outline plans for a 2,800-home redevelopment at Eastgate Shopping Centre in Basildon, Essex.
Eastgate Quarter will comprise private sale flats, build-to-rent, student accommodation, later living and co-living, alongside a boost to the existing retail and commercial space.
Proposals from Leslie Jones Architecture would see a redevelopment of the 25-acre brownfield site, including the entire shopping centre and car park, the Debenhams and shopping arcade, Kelting House, the Asda and petrol station and car park.
Infrared acquired the Essex shopping centre in 2011 for £88.6m from British Land. Last April, it appointed Sovereign Centros to manage the redevelopment of the 750,000 sq ft mall, which has more than 100 tenants, including Debenhams, Asda and Primark.
The development is the latest in a trend of shopping centre owners turning to resi and in particular BTR, with institutional capital hunting out opportunities in well-connected city centre locations.
InfraRed is proposing up to 2,800 homes, with a current illustrative scheme of 2,573 homes across three main development areas.
The New Town Gateway will be the main entrance to the scheme, with several high-density buildings of between 14 and 21 storeys, and the Eastgate Marker building rising to 28 storeys.
This part of the scheme is expected to comprise between 993 and 1,070 flats, with a large proportion of BTR homes and studios, and 51,720 sq ft of retail, food and beverage and leisure and business use at the ground level and a transport hub
Eastgate Centre and Eastgate Walk toward the centre of the site will incorporate a new pedestrian thoroughfare and link to the transport hub with further retail and leisure use.
There would be a further 620-652 homes in buildings of up to 18 storeys at Southernhay Meadows towards the south of the site, with public realm and landscaping.
At Eastgate Gardens, to the east, the masterplan allows for large open space and three clusters of residential buildings of six to 10 storeys with between 958 and 1,098 flats.
The scheme will support Basildon Borough Council’s plans to deliver 4,000 new homes and comes hot on the heels of the council’s approval of its latest BTR approval or developer Orwell Real Estate at Market Square last month