St Modwen buys in Crosby retail core
St Modwen has bought 26 retail units and a 1.6-acre plot of development land in Crosby, Sefton, from Sainsbury’s for £2.67m.
Current tenants on Moor Lane include Home Bargains, Betfred and Superdrug.
Sainsbury’s previously planned to build a 50,000 sq ft store with associated smaller retail units on the site, replacing the current retail aspect, but announced in 2012 that it had shelved the plans due to issues with viability. No other plans for investment were brought forward.
Steven Knowles, regional director at St Modwen, said: “This acquisition will complement our North West portfolio and fits with our strategy to acquire income producing assets to which we can further add value.
“Crosby is an attractive and affluent location in Merseyside and this acquisition will allow St Modwen to build upon our wealth of retail experience in the North West.”
Lambert Smith Hampton and Pinsent Masons represented St Modwen. Colliers International advised Sainsbury’s in the disposal.
Ben Roberts, associate director in Lambert Smith Hampton’s capital markets team, said: “This is a big step forward for Crosby’s town centre. St Modwen brings a wealth of regeneration experience that perfectly positions it to revitalise the site in question.
“Having such a prestigious and experienced developer involved in the scheme is a big draw to retail and leisure operators. We are already working with St Modwen on the scheme and developing ideas which will make the best of the space, spark new interest in the area, and make a real long term difference to the town.”