Widnes JV sales to fund further development

Widnes Regeneration, the joint venture between St Modwen Properties and Halton council, has announced its second asset sale in a fortnight with a retail and office development being acquired by Northern Trust Group for £2.3m.

The Simms Cross development, completed in late 2005, comprises 11 retail units and 9,400 sq ft of offices.

Richard Bakes, development manager of St Modwen, said: "The successful sale of Simms Cross, on the back of the sale of Liebig Court, clearly demonstrates that investors are willing to invest in Widnes which is in stark contrast to where we were ten years ago when Widnes Regeneration was founded.

"Most of what has happened in Widnes town centre over the last decade is due to the activities of Widnes Regeneration. The Asda superstore and the resultant developments of Alfred and Liebig Courts in Widnes Road, the Gerrad Street and Simms Cross schemes and the JJB-led regeneration at the northern end of the centre have transformed the centre and would not have happened without the creation of this development vehicle.

"It also pioneered the housing regeneration in Halebank and continues to be active with current schemes at Heron Business Park and Venture Fields with more to follow in the Widnes Waterfront Economic Development Zone. These sales release funds for further development."

Colliers CRE acted for Widnes Regeneration.

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