Cheltenham-based developer Robert Hitchins Ltd unveiled plans for Cotswolds Designer Outlet to be built at junction 9 of the M5 motorway in Gloucestershire just a few years ago.
The 195,000 sq ft outlet village will be opened in two phases and features some 90 retail units, restaurants and cafes.
Construction work has now started on the site.
The architecturally-appealing designer village will benefit from a sizeable local catchment, millions of vehicles passing near the site each year, and high visitor numbers to one of Britain’s top tourism regions.
Local shoppers living in the area are expected to account for over half of total annual revenue with passing traffic plus tourism predicted to provide the remainder.
The scheme is part of a wider retail development that includes a new 81,800 sq ft Dobbies garden centre that is now open, alongside an existing M&S supermarket, Starbucks and BP petrol filling station which, combined, will provide additional attractions to the site.
A planning application for 850 homes, school and local centre to the south has also been submitted and is awaiting determination.
Cotswolds Designer Outlet will feature aspirational brands across fashion, athleisure, footwear and lifestyle at up to 70% off RRP throughout the year along with quality restaurants and coffee shops.
The scheme will be an easily accessible, aspirational premium outlet village, serving affluent towns and cities on the Bristol to Birmingham corridor, including Cheltenham, Worcester, Solihull and Hereford.
Simon Tothill, Property & Development Director of Robert Hitchins Ltd, said:
“Cotswolds Designer Outlet will be an eye-catching development reflecting the architecture and materials of the historic towns and villages of the Cotswolds. We’ll be creating a state-of-the-art retail destination with contemporary and adaptable units suited to the needs of modern shopping and dining. With a comfortable and welcoming environment, this will be a memorable addition to a day-out in the Cotswolds. We’re very excited about the development plans and look forward to completing the scheme and welcoming customers from near and far.”
More than 9.8 million people live within 90 minutes’ drive of the site and the population within 60 minutes is some 42 per cent greater in number than the average for other UK outlet centres.
The catchment within 30 minutes’ drive time is particularly affluent and fast growing and will represent up to half of the visitor numbers.
The development will be one of the most accessible retail and leisure destinations in the UK for residents and visitors to the area alike. As well as the nearby M5 motorway, the site is adjacent to the A46 trunk road which links to the M42. As a result, more than 21 million vehicles pass the development each year. Additionally, the site is close to Ashchurch-for-Tewkesbury railway station on the main Bristol–Birmingham main line.
The Cotswolds Area of Outstanding Natural Beauty (AONB) attracts over 23 million visitors annually. Major tourist attractions within the region include the historic towns of Tewkesbury, Cheltenham and Worcester as well as the Cotswolds, Forest of Dean and Malvern Hills.