Kier Property has bought a consented retail park site at Norcross Lane, Thornton Cleveleys from Telereal Trillium for £3.4m.
The land, located 4.5 miles north of Blackpool, has planning permission for 45,000 sq ft of retail space. The plans provide for an 18,000 sq ft supermarket together with a variety of other retail units and a drive-through food outlet and could see 200 jobs created.
The retail park forms part of a larger mixed-use regeneration plan for the site being undertaken by Telereal Trillium, including the development of 170 homes, a retirement housing scheme, and 7.5 acres of land allocated for employment use. Telereal Trillium is currently marketing the residential land for an intended sale in the first part of 2017.
Mark Kelly, disposals and development director at Telereal Trillium, said: “The retail park plays a significant role in maximising the regeneration prospects of this major brownfield site. We’re delighted that Kier Property has chosen to develop out the retail part of the larger scheme, which will provide a balanced mix of uses and open significant opportunities for employment in the area.”
Tom Gilman, managing director of the North at Kier Property, said: “This sale will result in a development that will benefit the local area. It builds on our strong track record of significant investment in regenerating brownfield sites, particularly in the retail and leisure sector in the north of England.”
Construction is likely to start in the spring, with completion expected later in 2017. The vendor was advised by Cheetham & Mortimer and GL Hearn, with GVA representing Kier.