Bingley's 5Rise reaches completion

Commercial property development company, 4Urban has today announced that its 5Rise retail development in Bingley has reached practical completion.

A major £5 million regeneration project for the market town of Bingley, 5Rise now offers circ 60,000 sq ft of new and refurbished retail space across 18 individual shop units. The site was formerly known as Myrtle Shopping Centre which had become run down and no longer fit for purpose. A number of owners and developers had failed to deliver on their promises to redevelop the centre that is Bingley’s main retail focus, until 4Urban purchased the site in April 2007 and began redevelopment in September 2008.

Richard Holmes, development director at 4Urban commented: “This is a major milestone and regeneration catalyst for Bingley town centre so we are pleased to deliver on our promise to complete on schedule and under budget. Despite the difficult economic climate, the development is 65 per cent pre-let to national multiple retailers with further deals in the pipeline, demonstrating that there are still deals to be done with the right product and location.”

To date nine retailers have made an advanced commitment to 5Rise. These include the Co-operative Food, Boots, Natwest, Greggs, Superdrug, Timpsons, Klick, and Betfred. With three more occupiers soon to be announced 5Rise could be 80 per cent let at the point of its official public opening in December.

The development has involved a major partnership between 4Urban and Bradford Metropolitan District Council to purchase the council’s freehold interest in the site. As well as relocate the library to a new modern facility within the development 4Urban relocated the popular outdoor market to a new and prosperous site in the town.

Considered the most significant regeneration project in Bingley, 5Rise provides much more open pedestrian space with direct access to shops. The existing steps from the high street, that were considered confrontational and uninviting, have been demolished. An escalator and lift connects the lower level on chapel lane where the car park and new library are located. Attractive cladding and extensive glazing contribute to make 5Rise a much more attractive destination and high street landmark for the town centre.

4Urban is a young and ambitious company that delivers property solutions through strategic partnerships. It believes in a strong partnering approach and building a reputation for outstanding delivery, whilst remaining passionate about regeneration.

For information on units available to let please contact Nick Denton, reesdenton on 0113 243 0990.