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.”