Intu has submitted a planning application for a £168 million refurbishment of its Lakeside shopping centre in south Essex. The facelift aims to transform Intu Lakeside, which currently has 250 tenants, into a “regional town centre”. To accommodate the extension, Intu said it would partly demolish the existing Debenhams store and the centre’s bus station.
The Intu Lakeside planning application comes a month after the shopping centre giant unveiled plans to demolish a car park and part of House of Fraser to make way for 1000 homes. Should the planning application be approved, Intu Lakeside’s facelift would create 1553 temporary construction jobs over a three year period, and 2930 jobs once completed.
The planned facelift forms part of Intu’s wider five-year turnaround strategy launched after CVAs from various retailer tenants left a dent in its rental income.
