Capital & Centric eyes Altrincham’s Grafton Centre
Capital & Centric is entering the race to be Trafford Council’s development partner for the overhaul of the 81,000 sq ft Grafton Centre in Altrincham, Place North West understands.
The developer is among a number of firms to express an interest in the project, which was brought to market by Trafford Council in August this year. Other Altrincham-based developers, including Novo and Landmark, are also understood to be looking at the redevelopment.
The precinct, formerly home to shops including Smiths, Greggs, and Music Zone alongside a number of bars, has been closed for around two years and sits at the southern end of George Street, Altrincham’s main retail street.
The 1970s buildings on the site include a 91-bed Travelodge hotel and the shopping centre, with the Travelodge staying put as redevelopment comes forward. The hotel’s lease does not expire until 2037, having been signed in 2012, and a rent review is due in 2022.
The building’s first floor also had planning permission for 18 residential apartments but this has to date not been implemented. Overall, the Graftons includes around 81,000 sq ft of retail and leisure space, and the wider site covers nearly an acre of Altrincham town centre.
The council said it was looking for “visionary but workable ideas to breathe new life into the centre”, and added the site “has the potential to attract further investment into the town while enhancing the retail and leisure offer that already exists”.
Any development on the site, the council said, would “need to compliment recent and proposed developments in the immediate vicinity.” These include the Health & Wellbeing Centre, due to complete in October, and the proposed apartments and multi-storey car park on Regent Road. Both of these projects are being brought forward by developer Citybranch.
Capital & Centric has its roots in redeveloping 1960s buildings; including the Tempest office, and Bunker within the Littlewoods site in Liverpool.
In 2017, the centre was listed with an asking price of £9.25m; the council is understood to have purchased it for around £12m.
Trafford started the search for a development partner for the project in August this year, and is expected to have all expressions of interest for the site by 26 October this year. Amey Consulting is advising on the scheme.
A consultation will be held on the proposals once a development manager has been chosen and plans have been worked up alongside the council.
Capital & Centric was approached for comment.