Hermes Real Estate Investment Management has taken a step closer to developing 400,000 sq.ft. extension to its Friary Shopping Centre in Guildford, after buying a site within the development area and appointing architects.
Hermes has bought from Aviva Investors the 15,844 sq.ft. Dominion House, which is within the 5 acre extension site next to the Friary Shopping Centre, and represents more than 7% of the total development site.
Hermes paid £1.85m and now owns around 60% of the site.
Chapman Taylor has been appointed to draw up plans for the retail led scheme, and a development manager will be appointed shortly. It is understood that Hermes will not look for a development partner.
Hermes bought out Wetfield's half share in the mall in May, as part of a wider, £400m transaction.
The council owns some of the remaining development land and its planning committee will submit a revised development brief to its executive in September, outlining the project.
The revised plans feature an open street scheme that would link into the 163,000 sq.ft. Friary mall, and aims to attract John Lewis as an achor.