Store’s improvement plans on hold
PLANS for a new hotel and restaurant at one of Teesside’s flagship shopping stores have been put on hold after the construction firm earmarked for the scheme pulled out.
Steve Cochrane, owner of Psyche in Middlesbrough, said he would re-ignite the project once the economy had stabilised and confirmed the new facilities may not open until 2011.
But he maintained the scheme would go ahead and be successful in attracting visitors to the Tees Valley’s economic powerhouse. He also said the 39-bedroom hotel and 250-seat restaurant could boost revenues at Psyche by as much as 20%.
He said: “I’m an eternal optimist and I’m 100% convinced that the project is viable.
“We just want to wait until the economic climate has stabilised. It will be next summer before we begin looking for a new builder.
“The new facilities will provide an excellent lifestyle option that will attract people to Middlesbrough.”
In December Psyche gained planning consent for three additional storeys to be added to its premises on Linthorpe Road.
A new glass lift at the front of the building will provide access to the hotel and restaurant, creating an iconic structure at the heart of the town.
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