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ST. MODWEN COMPLETES SALE OF NORTH CITY SHOPPING CENTRE DEVELOPMENT

St. Modwen, the UK’s leading regeneration specialist, has completed the sale of North City Shopping centre, in Harpurhey Manchester to Danish investment company, Habro.

In selling the District Centre, St. Modwen is adhering to its proven business strategy of adding maximum regenerative value to its schemes before recycling the capital raised from their disposal into acquiring new opportunities that are more aligned with its future strategy for growth.

The sale of North City marks the end of St. Modwen’s eight year involvement in the district centre during which time, the regeneration specialist has created 120,000 sq ft of retail and leisure space, all of which was fully let before practical completion.

A new indoor and outdoor market was created and the existing malls, car parks and service yards were all extensively refurbished and re-modelled. A full management system including patrols and CCTV cameras were also installed.

Paul Batho, senior development manager for St. Modwen, said: “St. Modwen originally signed up for the scheme because we recognised its development potential. Where previous proposals for the centre had been unachievable, using our extensive regeneration experience, we devised a scheme that was feasible in commercial terms and would enable the transformational change that our Local Authority partners wished to see. We have a strong track record for being able to tackle challenging schemes, which may have stalled for one reason or another, and felt that our expertise would be well suited to helping finish the job in Harpurhey.”

The North City scheme was developed in partnership with Manchester City Council. St. Modwen was selected for the scheme following its success in Wythenshawe Town Centre, which the developer is still managing and developing this £100 million regeneration project.

Paul added: “When we started, the district centre was in steep decline. As the centre improved it acted as a catalyst for the rest of north Manchester and has made a real difference to the area. St. Modwen and the council worked together to provide a new leisure centre for the town and the Manchester College of Art and Technology (MANCAT) decided to locate a new library and college in Harpurhey.”

The Manchester office of DWF advised St. Modwen on the sale.

Joanna Sowerby of DWF’s real estate team said: “At DWF we have been advising on this project since the early days and have witnessed the changes at first hand. The scheme has created new facilities for local people and helped to transform this part of north Manchester.”