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Regeneration Work On Tunsgate Retail Complex Starts With Big Name Occupiers Announced
Published on: 23 Sep, 2016
Updated on: 23 Sep, 2016
Work has begun on the transformation of Guildford’s Tunsgate Square shopping complex with the announcement of two of the retailers who will occupy the site.
Artist’s impression on how Tunsgate Quarter will look.
Top London restuarant and club chain The Ivy will be opening there along with luxury homewares store OKA. It will be renamed Tunsgate Quarter.
Owners of The Ivy, Caprice Holdings, will take 8,500 sq ft of space located over two levels, including an alfresco dining terrace, with views over Guildford’s Castle Grounds.
Founded in 1999, OKA will take 11,000 sq ft to offer furniture, lighting, soft furnishings and home accessories.
The total area of Tunsgate Quarter will be 80,000 sq ft with terms now agreed on half of the space, for restaurant, fashion and other traders.
Regeneration firm Queensbury is undertaking the work on behalf of Merseyside Pension Fund. The majority of the site is owned by Guildford Borough Council.
The commercial director and co-founder of Queensberry, Stuart Harris, said: “Guildford is an affluent town, with an excellent retail offer, with Tunsgate Quarter at its heart.
“We are creating something very special and new for Guildford, that connects the High Street, Tunsgate and Castle Street. The interest and commitment from high-quality operators such as The Ivy Collection and OKA is clear testament to the sophisticated new retail and dining offer we are creating.”
The executive vice-chairman and co-founder of OKA, Annabel Astor, said: “Guildford is an obvious location to house our fourteenth store. Working closely with Queensberry, we have created our largest and most inspiring store outside of London, one that we hope will become a true destination for everything you need to furnish a home.”
Tunsgate Quarter will feature 18 retail units and eight restaurants and is scheduled to open in October 2017.
The leader of Guildford Borough Council, Paul Spooner, added: “It’s great to see work starting on the Tunsgate site.
“Transforming the existing shopping centre and opening up the aspect overlooking the castle will give more leisure opportunities for people to enjoy, as well as a better retail experience and fourteen new homes.
“We want a vibrant and thriving town centre and this is just one part of our aim to help regenerate and improve what Guildford has to offer.”
The architect for the scheme is Lyons, Sleeman, Hoare. ISG PLC is the main contractor and Bruce Gillingham Pollard and Cushman & Wakefield are the letting agents.
Guildford Borough Council’s lead councillor for asset management, Geoff Davis, said: “The council owns the majority of the Tunsgate Shopping Centre, which was let on a long lease since 1972.
“We have now granted a new long-term lease, on improved terms for the council, including a share in the future income. This also enables the creation of a more attractive place to live, work and visit, adding to the overall quality of this area of the town.”
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Responses to Regeneration Work On Tunsgate Retail Complex Starts With Big Name Occupiers Announced
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Jules Cranwell
September 25, 2016 at 1:57 pm
Fourteen new homes! Wow, didn’t the council do well?
Seriously, what a missed opportunity to build a good number of affordable home, that the council keeps telling us are needed. This site could have accommodated over 50 homes, and on land owned by the council.
And to give most of the site over to retail, at a time many retailers are shutting their doors, due to competition from on-line retail. Do our councillors not read the news?
David Smith
September 26, 2016 at 1:21 am
In fact, GBC has done well here.
There is a long lease in place which means the tenant will have control of the site until expiry.
Long leases are invariably considered to be 99 years or more. So the fact the council has entertained a regear of this lease and gained an income share from rents is commendable.
Also, why on earth would we build affordable housing on such a valuable site which opens up links to the Castle Grounds and High Street?
This development is exactly what Guildford needs.
Ben Darnton
September 26, 2016 at 5:32 am
I’m delighted work is at last starting on the new Tunsate arcade.
The shops on the opposite side of the road have felt a dramatic foot fall drop, especially during the week due to the premature closing of all the shops in the arcade.
Nine months after appealing to get my £12,000-plus business rates reduced due to the loss in trade I’m still waiting for an answer.
It’s lucky my shop (Ben’s Collector’s Records, 5 Tunsgate) is well established or else I’d be struggling!