Newport shopping centre snapped up by developer

A Newport shopping centre which had fallen into receivership has been acquired by a Bristol-based property developer.

Boyce Group has acquired Kingsway Shopping Centre for £615,000 with plans to transform the scheme into a multi-use hub.

The acquisition fell short of the asking price of £1m, following the 36-unit shopping centre’s collapse into receivership in May 2023.

Boyce Group – which was founded by Niall Leighton-Boyce in 2012 – is proposing to convert the office block at the centre, called Sovereign House, into residential accommodation whilst redeveloping the existing Emlyn House office space into a public square. The developer is also looking to fill vacant commercial units with leisure and hospitality operators, whilst introducing a food court and soft play area.

The group has not renewed contracts with Kingsway Shopping Centre’s existing management, with the centre to be overseen by a new company dedicated to the scheme.

Leighton-Boyce told WalesOnline that the centre has “huge potential”, adding that Newport has an oversupply of retail property.

He said that any larger changes to the scheme are likely a year away, subject to planning approval. Boyce Group plans to continue to let retail units and implement a number of smaller changes in the meantime.