THE UK’s leading regeneration specialist St. Modwen, has added to its North West retail portfolio with the acquisition of 26 retail units and a plot of development land.
In a £2.675 million deal St. Modwen acquired the multi-let retail assets in the heart of Crosby Town Centre with current tenants including – Home Bargains, Betfred and the Superdrug.
Steven Knowles, Regional Director – North West at St. Modwen, said: “This acquisition will complement our North West portfolio and fits with our strategy to acquire income producing assets to which we can further add value.
“Crosby is an attractive and affluent location in Merseyside and this acquisition will allow St. Modwen to build upon our wealth of retail experience in the North West.
“Our North West portfolio comprises more than 750 occupiers across four million sq ft and currently generates an annual income in excess of £14 million.”
Lambert Smith Hampton and Pinsent Masons represented St. Modwen. Colliers International advised Sainsbury’s in the disposal.
Ben Roberts, Lambert Smith Hampton’s Capital Markets team, added: “This is a big step forward for Crosby’s town centre. St Modwen brings a wealth of regeneration experience that perfectly positions it to revitalise the site in question.
“Having such a prestigious and experienced developer involved in the scheme is a big draw to retail and leisure operators. We are already working with St Modwen on the scheme and developing ideas which will make the best of the space, spark new interest in the area, and make a real long term difference to the town.”
Greg Styles, Director, Retail Development, Colliers International, commented: “Retailing in Crosby has always been focussed on the prime thoroughfare of Moor Lane, with Sainsbury’s food store on Liverpool Road being the main anchor occupier for the town.
“Through an effective letting and asset management initiative, St. Modwen has the opportunity to substantially improve the tenant mix and rental income of Crosby, ensuring it reaches its untapped potential as a retail centre. There is also potential to explore the possible conversion of the upper floors for alternative uses.”