The UK’s leading retailer Tesco has been given permission to build a new 110,000 sq ft superstore in the Cambridgeshire town of Wisbech, it was revealed today.
Anticipated to be opened at earliest by December 2012, the new Tesco Extra store is part of a wider regeneration of the site of the former Wisbech greyhound stadium, which will also include a new retail park featuring several leading clothing retailers.
Next, Brantano, Matalan, New Look and Sports World are all rumoured to be part of the retail park whilst the new Tesco store will be adjoined by a restaurant complex and an eight screen cinema operated by The Light Cinemas.
In total the project is costing £50 million in a joint venture between the supermarket chain and Cromwell Retail Park and around 500 new jobs are anticipated to be created once the scheme opens.
An existing Tesco store which currently operates near the site will be closed when the new supermarket opens, whist the new retail park is not expected to be complete until late autumn 2013.
Due to the dominant position Tesco holds in the grocery market, it needs to offer an increasing amount of add-on value to its developments in the UK, such as improving local transport or helping other property builds in the surrounding area.
It recently won recognition in the Green Apple Awards, which champions environmental technologies and contributions to regeneration, for the conversion of a Grade II listed building in Birmingham.
Construction of the Tesco Extra in Wisbech build is due to begin later this year, followed by construction of non-food retail park which will start at the end of 2012.