St Modwen Developments (Belle Vale) Ltd, a subsidiary of St Modwen Properties PLC, and LaSalle Investment Management , acting for a pension fund investor, who last year formed a partnership to regenerate the Belle Vale shopping centre, Liverpool, has signed a deal to develop a Morrisons food store immediately adjoining the centre.
The deal involved the acquisition of a former spam factory and land owned by Liverpool City Council, to provide a site which integrated the new development with the existing centre.
The Morrisons store will comprise 6,782 sq m (73,000 sq ft) gross internal area together with an additional 530 car parking spaces. The existing 200-space car park will also be refurbished and re-surfaced as part of the development.
The store is the first phase of a number of initiatives planned by St Modwen and LaSalle to regenerate the shopping centre. Several of them are at an advanced stage and further announcements are imminent.
Michelle Taylor, regional director of St Modwen Developments, said: “This is excellent news for Belle Vale. We have worked closely with Liverpool City Council and Morrisons to create a scheme which will provide significant benefits to the retailer and customers alike, and will prove to be a catalyst for future investment.”
For further information contact Michelle Taylor of St Modwen on 01925 825950. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).