The Ottery Hypermarket, purchased by Spearhead Property Holdings in 2002, will be upgraded and extended to offer a more comprehensive range of food retail outlets.

Mike Flax, Spearhead’s Chief Executive Officer, said that the proposed upgrade will begin with the relocation of existing tenants to create a "fashion hub" around the national retailers Ackermans, PEP Stores, American Swiss, LA Jeans and Footwear Warehouse. Thereafter, he said, they will concentrate on a new food and entertainment hall.

Darren Wilder, Spearhead’s Chief Operating Officer said,

"There has been a tremendous amount of interest from well known brands such as Panarottis, Nandos Wimpy and Church’s Chicken, all which will complement the existing Spurs and Deli diner. We are also planning a new fully equipped kiddies’ play area.

Spearhead’s lease broker consultant Johanna Hult said that a tremendous response had come from property brokers and marketing information for prospective tenants is now available.

The upgrade, said Flax will result in most of the retail areas being retiled and repainted and at two of the entrances light levels will be greatly improved. Construction is phased but is scheduled for final completion by April next year.

In previous statements Flax has made it clear that Spearhead’s policy is always to upgrade their properties if they believe them to have greater earnings potential – if not, they will eventually sell them.

"This particular upgrade," said Flax, "will serve the interests of all tenants, not least the Hypermarket, because it will strengthen the centre’s dominance in the area and bring in still more shoppers. Already the annual foot count is over one million – and it should now rise by an estimated 20% to 25%."

For further information please contact Mike Flax, Darren Wilder or Johanna Hult on 021 4251000