Hope for 'new life' for Exeter shopping centre

Exeter's Princesshay is in new hands after a big-money purchase by Mike Ashley's property empire

An Exeter shopping centre is in new hands after a multi-million deal by Frasers and Sports Direct boss Mike Ashley. DevonLive readers have given their thoughts on how they want to see some new life breathed into the site in our comments section. The Princesshay Shopping Centre has been the subject of takeover rumours for months, and it will now join Ashley's stable of more than a thousand other retail properties.

The Frasers group's plans for Princesshay are not yet known, but there are many large units in the shopping centre which are vacant, and some having been without occupiers for years. Most notable is the Debenhams unit, which closed in May 2021.

Earlier this year, global investment management company Nuveen put its 50 per cent stake in Princesshay up for sale, with a reported asking price of £40million. The other half of the centre was owned by The Crown Estate. Frasers now owns the shopping centre in full.

Readers in our comments section need some convincing that the Princesshay has a bright future ahead of it. Commenter Unitednstrong says: “They'll raise rents for retailers and drive them out.” Miben writes: “That's Princesshay gone.”

Reader Peterco28122950 says. “That's the end of that.” Tjohn wants to see retail stick around: “Just no more luxury apartments please.”

People were more optimistic on our Facebook page. Donna Perry says: “Good, everything is empty. Hopefully he can bring new life to it.” Paul Francis writes: “Not sure why the anger. They own half the high street anyway.”

Lesley Hart wants to see some changes: “Hopefully he will build some new car parks as many are now being sold for housing… e.g. Mary Arches. You can have as many shops as you like but if there aren’t sufficient car parks I won’t be going into Exeter to shop.”

Sarah Ingram hopes to see some improvements on other shopping centres and department stores: “As long as the whole place doesn’t resemble House of Fraser before it closed. Tacky cardboard signs everywhere. I thought I was in Sports Direct.”

Mike Ashley's son-in-law Michael Murray, who is the Frasers group's chief executive, said: "The acquisition of Princesshay, Fremlin Walk and The Olympus Centre reinforces our commitment to investing in physical retail.

"Securing properties which serve as the primary retail destination for the community remains a top priority for us. Such acquisitions unlock new growth opportunities for our retail concepts, while revitalising high streets and physical shopping locations up and down the country.

"At Frasers, we strive to re-invent and elevate retail for UK shoppers, bringing the very best brands, environments, and experiences to all our customers across the country."

Have your say! Physical retail sites still bring in big money - but does the UK high street have a future? Comment below, and join in on the conversation.