Great Homer Street Retail

Greenridge picks up Great Homer Street retail

St Modwen has completed the sale of two retail blocks at Great Homer Street, Liverpool to Greenridge for an undisclosed sum.

Blocks A and B at the Project Jennifer scheme comprise a total of 60,000 sq ft of retail space, let to Home Bargains, B&M and The Gym Group.

The disposal follows the sale earlier this year of Retail Block Y at Great Homer Street to an institutional investor, a 20,000 sq ft block let to Subway, Betfred, Domino’s, Sunseekers, The Good Catch, Extra Care, Rowlands Pharmacy, Greggs, Barnado’s and Costa

The £150m regeneration scheme has been delivered by St. Modwen in partnership with Liverpool City Council, to transform the area around Great Homer Street. Development completed in 2017, creating a new district centre for North Liverpool, and has introduced a wide range of retailers to the area including a new Sainsbury’s supermarket and shops, as well as improved public spaces and new homes.

Paul Batho, projects director at St Modwen, said: “Project Jennifer is a huge success and one that St. Modwen is incredibly proud of. The scheme has transformed the area and has become a real hub for the local community.

“It has also acted as a catalyst for change in the surrounding area, which has seen improvements to homes, a new school – the Notre Dame Catholic College – and improved public realm.  We look forward to its continued success.

“It is our long-term strategy at St. Modwen to reinvest sale proceeds into bringing forward our development pipeline in the region.”

Alex Walker, director of London-based investor Greenridge, said: “As investment managers, we have built a reputation for identifying strong investment opportunities. We see strength in strategic out-of-town retail investment where income is well secured to successful occupiers, within established and growing communities. This is especially true of units occupied by discount retailers on long-term secured leases. Going into 2019, this will be one of our key investment themes.”

“In contrast to some other areas of the retail sector, well located modern out-of-town retail warehouses are well equipped as spaces for retailers to be able to adapt their offering over the course of a long-term lease.”

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