St Modwen Crosby

Crosby Village on the market for £6.4m

St Modwen has put its mixed-use development in Crosby up for sale, three years after it purchased the site from Sainsburys.

The developer bought the plot in 2016 and began a major refurbishment of the Moor Lane site, which includes the Glenn Buildings and some new build elements, in 2017.

The four buildings include 14 retail units and nine office suites; recent lettings include Village Vets, which signed a 10-year lease on a 3,800 sq ft space, and The Aesthetics Hub, which took premises in the Glenn Buildings South last October. Other occupiers include Home Bargains, Peacocks, Costa Coffee, café bar Frankie’s, and local business The Blues Bar.

St Modwen has now decided to offer the centre for sale on a freehold basis, instructing Lambert Smith Hampton on the sale. It has an asking price of £6.38m and generates an income of £526,900 per year. A purchase at the asking price would reflect a net initial yield of 7.75%.

The neighbouring Telegraph House is not included in the sale, but according to LSH, St Modwen is “currently progressing interest with a national discount food store” for the site.

In a statement to Place North West, a St Modwen spokesperson said: “Having invested and helped to transform Crosby town centre over recent years, we are considering a sale of the shops and are seeking a high-quality, long-term purchaser who can carry on the good momentum.”

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St Modwen has done an impressive job on this. Great scheme which will hopefully help improve the overall centre.

By Tom

Bring more people to live in Crosby village. Build on the young/happening vibe, and get some new apartments built. The two sixties blocks at the end of Moor Lane are ripe for redevelopment, and then there’s the site next to Crown Buildings.
Sefton Council should get its finger out and improve the junctions for pedestrians mitigating the ‘island effect’. It’s cut off from Coronation Road and Cooks Road. Needs to feel like ONE village.
Crosby village cannot be Formby… there’s Waterloo too… and traditional linear shopping, characteristic of suburbs. It could, however, do something better and more interesting, but discount retailers on sites that could do more aren’t gonna do it, and it won’t fulfil the expectations of the people of Crosby.

By Roscoe

Well if 2 Costas and more bars and cafes are classed as progress then the sooner St Modwen departs the better.

By Asuz

Bring back the bus route! Its not fully pedestrianised anyway as any parent of young children know. Consult the locals and see what shops they really want.

By Heather Jenkins

DIY shop wouldn’t go amiss

By Anonymous

40+ years of Planning neglect and lack of imagination by Sefton MBC have helped distroy Crosby. With Halifax and Santander about to leave, vacant sites and lots of empty units; Peacocks and a coffee shop along with any budget retailer isnt going to turn this around. Crosby lost its opportunity when the NIMBYs wouldnt let Sainsburys expand and alter the retail. To little, too late!

By Billy

Something needs to be done to give Crosby a boost.

By Jon