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.”