Ethel Austin Property Group has formed a joint venture with Plus Housing Group to add residential to its Eddisbury Square shopping centre in Frodsham.
The new joint venture, Three60Austin, has acquired the centre for £6m from EAPG in a deal funded by The Royal Bank of Scotland out of Liverpool.
The joint venture company is considering building apartments above the existing retail units. Eddisbury Square is the main shopping centre in Frodsham and was built in the 1960s. The site consists of two storey retail units arranged in terraces around a central car park area and occupiers include Boots Opticians, Just Go Travel, Sayers and Oddbins.
Ethel Austin Property Group was established 38 years ago by the Austin family and has more than 1,000 properties under its ownership. Liverpool-based Plus Housing Group was formed in 2002 and is an alliance of several businesses including CDS Housing, Greater Hornby Housing Association INclude and three60 Property Investors. The group own over 6,000 properties and the majority of these are based in Merseyside.