DevSec buys Chorlton shopping centre
Property investor Development Securities has spent £11.1m on two sites in Manchester including Chorlton's shopping centre.
The quoted group, which owns the Manchester Evening News Arena, has struck the deal with Altrincham-based developer Citybranch.
It has bought Chorlton Cross Shopping Centre in the suburb of Chorlton-cum-Hardy as well as a "mixed-use asset" on Liverpool Road.
Citybranch, which is owned by the Gross family, had been planning to redevelop the 1970s shopping centre in partnership with Ask Developments and Manchester City Council. The plans were shelved in 2009 due to the recession.
Development Securities acquired Citybranch's Hale shopping centre last year where locals were concerned about the scale of planned changes.
It went on to win local support and subsequent permission for an overhaul with Booth's as the anchor tenant.
It could face the same challenges in Chorlton, an area well-known for its independent shops and vocal community lobby.
The shopping centre sits on a two-and-a-half-acre site and has a net initial yield of 8.44%.
Development Securities said it had, "significant potential for repositioning or redevelopment within a market where there is strong retailer demand".
The acquisition was financed with £4.5m of equity and debt provided by The Cooperative Bank.
Development Securities investment director Matthew Weiner said: "We continue to selectively deploy the proceeds of the £200m of shareholder equity that we raised in 2009 and 2010 in secondary assets which offer attractive income returns and where we can apply our asset management and development expertise to create value.
"Manchester is a key market for us and the Chorlton Cross Shopping centre is well located within a wealthy suburb which is currently undersupplied with respect to its local retail offer."
If "…currently undersupplied with respect to its local retail offer." doesn’t mean ‘we’re going to build a massive supermarket.’ I’ll give up eating houmous for a whole week.
By Chorltonian
‘undersupplied’ – eh? We have loads of shops in Chorlton and yes, most of them are independants so I for one will boycott any big supermarket they try to build in Chorlton Cross. All it needs is a bit of a spruce up and some nice cladding – although I wouldn’t say no to a Booths or Waitrose… Mmmmm. Posh food….
By Chorltongal
‘wouldn’t say no to a booths or waitrose’. the chorltonites say they’re against big business, ‘keep it local’ they cry. But i reckon it’s just snobbery – they’d lap up booths but cry into their bespoke ales over Tesco. Don’t get me wrong, some of my best friends are from Chorlton…
By Rodney
Watch Chorlton become a cross between Levenshulme and Didsbury village… i.e. the cheap horrible end plus the end with loads of chains and multiples. Will let the readers work out which end is which…
By CJ
It’s about time Chorlton had its own Nando’s!
By UnaPlanner
well yeah – if Media Shitty can have a Booths then can we ? but would they realistically do that with a Coop right opposite? wouldnt mind a decent funky shoe shop, that sells good kids shoes aswell.. but I hope they let the grocers stay.. and Qualiteesave..wont be sorry to see the hideous bag shop and card shop go. The cafe could do with a makeover.. I know – make all the shop fronts look olde-worlde style! Bring some Independent shop tourism to Chorlton! get rid of Thomas Cook! replace it with an ethical tourism agent! Chorltonites will LAP that up!
By Knickers
About time Chorlton got some investment…. I think they should bulldoze the lot and build a big US-stlye fastfood joint selling only GM and non-organic food. The beard growing woolly hat vegan brigade will be in uproar. Either that or Primark.
By Will
Poynton residents were the same when Tesco had plans for a supermarket. Petitions were signed, marches ran and PAT (Poynton Against Tesco) even made an appearance on NW Tonight. When planning was refused, everyone cheered…. and then Waitrose put their own planning application in and guess what….not one person shouted, marched or signed petitions! Welcome to the new age Chorlton, its only a matter of time…
By anon