ST. MODWEN AGREES SALES OF RETAIL INVESTMENTS AT GREAT HOMER STREET

Great Homer Street, Liverpool

Expert developer and regeneration specialist St. Modwen, has completed the sale of retail Blocks A and B at the ‘Project Jennifer’ scheme on Great Homer Street in Liverpool to Greenridge Investment. This follows the sale earlier this year of Retail Block Y at Great Homer Street to an institutional investor.

The £150m regeneration scheme has been delivered by St. Modwen in partnership with Liverpool City Council, to transform the area around Great Homer Street.  It completed last year, creating a new district centre for North Liverpool, and has introduced a wide range of retailers to the area including a new Sainsbury’s supermarket and shops, as well as improved public spaces and new homes.

The deal for Blocks A and B comprises 60,000 sq ft of retail accommodation let to Home Bargains, B&M and The Gym Group. The sale of Block Y comprises 20,000 sq ft let to Subway, Done Brothers, Domino’s Pizza, Sunseekers, The Good Catch fish & chips, Extra Care, Rowlands Pharmacy, Greggs, Barnado’s and Costa.

Paul Batho, Projects Director at St. Modwen said: “Project Jennifer is a huge success and one that St. Modwen is incredibly proud of. The scheme has transformed the area and has become a real hub for the local community.

“It has also acted as a catalyst for change in the surrounding area, which has seen improvements to homes, a new school – the Notre Dame Catholic College – and improved public realm.  We look forward to its continued success.

“It is our long-term strategy at St. Modwen to reinvest sale proceeds into bringing forward our development pipeline in the region.”

Greenridge director, Alex Walker, comments: “As investment managers, we have built a reputation for identifying dislocations in value. We see strength in strategic out-of-town retail investment where income is well secured to successful occupiers, within established and growing communities. This is especially true of units occupied by discount retailers on long-term secured leases. Going in to 2019, this will be one of our key investment themes.”

“Great Homer Street is a perfect example of investment being made in a location to the benefit of future generations, as well as meeting the needs of today’s consumers. This model is one that helps to future proof the value of retail and leisure assets and is something that we view as a growth area for our investment funds. In contrast to some other areas of the retail sector, well located modern out-of-town retail warehouses are well equipped as spaces for retailers to be able to adapt their offering over the course of a long-term lease.”