AMBITIOUS plans have been revealed to transform rundown Coronation Square.
A group of private investors have bought the lease for the shopping centre off Princess Elizabeth Way in Hester's Way.
They aim to turn it into a complex which will attract people from across the county.
Plans are also in the pipeline to renovate at least 20 flats above the shops and put them on the market to be sold.
Currently 14 of the 37 shop units at the centre are empty, and the investors have already hired national property firm Savills to reach out to big retailers to take over the spaces. Architect firm Agrarian and estate agent Taylors have been charged with overhauling and marketing the flats.
Outlining the plans, a spokesman for the investors said: "We are expecting to let a unit to a big convenience store. We are hoping to get a new pub operator to re-open the pub there in its present form or changed. We think the area needs a pub.
"We would also love to get a post office in, but that could be difficult. We also want to get an ATM machine there. A more trendy coffee shop is something we also want.
"We are also keen to re-promote the local market. There could be two markets a week, with a general market and a farmers' market."
The spokesman said there has already been a lot of interest from retailers.
He added: "We will be spending a lot of money to clean up the shopping centre's general appearance and make it a lovely exciting place."
Residents had been desperately calling for an investor to breathe new life into the shopping centre, which was previously owned by the international company CBRE Property Trust.
The spokesman for the group of investors said Coronation Square was in a prime location to attract shoppers.
He said they hoped to entice students from the nearby Gloucestershire College campus and Pate's Grammar School, as well as people who live in nearby housing developments.
And they also hope to tempt customers from further afield as the centre is easy to reach from the A40.
Andy Hayes, the manager of the charity Hester's Way Partnership which works to improve the area, was delighted with the plans.
"This is the most exciting news in Hester's Way for many years," he said.
"An initial reading of the plans indicate that many of the residents requests have been included."
Philip Smith, the chairman of the partnership, added: "This is a really positive and encouraging development for local people and those who come to work here, all who can really benefit form a scheme that will beautify the area.
"As a partnership we look forward to working with the new owners with these fresh ideas.
"We have long looked forward to Coronation Square being fit for a queen, but more importantly all of us."
OPINION, P8
