A Bristol-based property developer has bought a struggling shopping centre in Wales with plans to turn it into a multi-use hub.
Boyce Group has purchased The Kingsway Centre in Newport, after it went into receivership in May 2023, for £615,000 despite an asking price of £1m. The centre, which has 36 retail units, now belongs to the Boyce Group, which was founded by Niall Leighton-Boyce in 2012.
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The plans, which are at an early stage, include proposals to convert the office block at the centre, Sovereign House, into residential accommodation and redevelop Emlyn House into Emlyn Square. The Bristol property developer hopes to fill vacant units at the centre with leisure and hospitality uses, plus introduce a soft play centre and a food court. There will also be the introduction of low-cost serviced offices and co-working spaces this year.
Boyce Group said it hopes to see the Kingsway "evolve away from the high street trend" and the company has already not renewed the long-held contracts with the centre's managing agent. Daily operations will be overseen by Kingsway Centre Management Ltd, a new company dedicated to improving the customer experience and reducing costs to tenants.
Speaking to WalesOnline, Mr Leighton-Boyce said he had been attracted to the centre because of its "huge potential", size and price. “Retail is struggling, the high street is dead and that’s the case across the country," he said. "It would appear to be especially the case in Newport due to its oversupply of retail property.
“It’s about places that people want and need to go by providing things that can’t be bought online. For example, it would be great to see a doctor’s surgery or dentist there, to give people a reason to visit Kingsway."
Mr Leighton-Boyce said he estimated any larger changes to the Kingsway could be a year away, subject to planning approval, adding that he would continue to let out existing units at the centre in the meantime and implement small changes such as installing benches and bins. He said the centre's structure would remain mostly as it currently is and that he was buoyed by the early success of Newport market, which received a multi-million redevelopment before reopening last year with a new food court, retail units and events space.
“The market around the corner is very good, they’ve done a fantastic job and I see a lot of Bristol brands. People speak very highly of it, it gives me hope that if projects are done well in Newport they can be successful, and why can’t we do the same?"
