Consortium agrees deal for £160m retail scheme
The designer outlet planned for Cannock can now move forward after a consortium agreed a deal for the £160m project.
A joint venture has been established between U+I, and a consortium comprising McArthurGlen, Aviva Investors on behalf of Aviva Life and Pensions and The Richardson Family. U+I has retained a 12.5% interest in the joint venture and the consortium has acquired the remaining 87.5% interest.
The Mill Green site will be developed into a 26,500 sq m retail scheme.
It received planning permission from Cannock Chase Council in December 2015, which was then confirmed by Greg Clark, who was then Secretary of State for the Department of Communities and Local Government. It head origanally been hoped that work would begin on site by the end of 2016 and the development opened in 2018.
The development is designed to provide up to 130 designer outlet stores, restaurants and around 2,000 car parking spaces within easy access of the M6 and M6 Toll road.
Matthew Weiner, chief executive of U and I Group, said: “Our project in Cannock demonstrates some of our core strengths as a business – securing complex planning consents and creating great mixed used places that bring communities together and stimulate the local economy.
“We are pleased to have signed conditional agreements with McArthurGlen, which is one of the world’s leading designer outlet operators. We will keep shareholders updated on further progress as we continue to focus on our target of £65-70 million for the FY18.”
