Bruntwood and Trafford set seal on three-part £50m deal
Trafford Council and Bruntwood Works have exchanged contracts on a joint venture to take forward Stretford Mall along with the Stamford Quarter shopping centre and Clarendon House in Altrincham.
The three-part project will more than double Bruntwood Works’ retail and leisure portfolio. The acquisition of Stretford Mall from M&M Asset Management was reported at the start of September by Place North West, as M&M continued a radical overhaul of the site, demolishing around 61,000 sq ft of vacant retail space.
M&M, along with Apollo Global Management, sold the 367,000 sq ft Stamford Quarter to Trafford in August. Clarendon House, a vacant 33,800 sq ft office building, was put up for sale in December 2018.
Cllr Andrew Western, leader of Trafford Council, said: “This is fantastic news for Trafford. One of our aims is to create successful and thriving places in the borough, with a particular focus on our town centres and local communities, and this deal allows us to do this.
“Acquiring Stretford Mall will be a massive boost to the area and our residents, with the opportunity for comprehensive redevelopment to also include our Lacy Street site. I know residents have been calling out for more investment in the area and we are listening to them.
“We see the Stamford Quarter as key to the future of the town centre – by securing control over the site, the Council and our partners at Bruntwood Works will be in a position to manage it so that the success of the area continues.“
The partners said that the JV is similar to that already in place for the redevelopment of the former Kellogg’s site in Old Trafford into University Academy 92.
Andrew Cooke, regional director at Bruntwood Works, said: “Altrincham town centre is one of Greater Manchester’s biggest success stories in recent years, soaring in footfall, economic growth and consumer appeal, so we’re thrilled to be part of its journey.
“We have a long history of creating places, developing inspirational workspaces alongside flourishing retail destinations, and we have always sought to create incredible environments and communities in which our customers can grow.” Bruntwood Works is the brand for the property company’s mainstream office and retail portfolio, set apart from the Bruntwood SciTech JV with Legal & General.
CBRE acted for Bruntwood Works and Trafford Council, while Savills acted on behalf of the vendor. Addleshaw Goddard provided Bruntwood and Trafford’s legal advice, with Hamlins representing the vendor.