Major retail park sold for £54m
A Birmingham shopping park, which includes the largest Marks & Spencer store in the West Midlands, has been sold in a £53.6m deal.
St. Modwen has agreed the sale of the Longbridge Shopping Park in south west Birmingham to Columbia Threadneedle Investments on behalf of Zurich Assurance.
The Marks & Spencer store at the site measures at 150,000 sq ft, while there is also a 95,000 sq ft Sainsbury’s, as well as Smyths Toys, Boots, Poundland, Mountain Warehouse, Holland & Barrett, Carphone Warehouse and Specsavers.
Extending over 468 acres, the former MG Rover Works and wider estate at Longbridge is one of St Modwen’s flagship regeneration projects.
“As part of this £1bn project, we have to date delivered over 450 family homes, a £100 million town centre, new offices, the £66m Bournville College, the Longbridge Technology Park and the three-acre Austin Park. The development has already made a significant impact on the regional economy, driving business growth and supporting community values,” the developer said.
It said the sale of the shopping park will allow it to reinvest the proceeds into the continued regeneration of Longbridge, which is approximately 50% developed.
Last year saw the successful completion of 180 beds of bespoke medical accommodation for the MoD’s Defence Infrastructure Organisation, a 260 apartment Extracare retirement village and further phases of new homes.
Significant further opportunities remain, St. Modwen said, with planning applications now made to develop the first phase of over 500,000 sq ft at Longbridge Business Park, which fronts the A38 opposite the town centre.
St. Modwen has also submitted a planning application for the final phase of the Technology Park, to build a new office building at Three Devon Way, and expects the news complex will create a further 165 jobs.
Further plans include environmental improvements to the River Rea together with pedestrian footpaths and cycle links along the river to the town centre, creating a greener, cleaner environment for residents, workers and visitors to enjoy.
Guy Gusterson, property director – Midlands and North, St. Modwen said: “We are incredibly proud of Longbridge – it is a special place. We’ve created a vital, sustainable environment in the heart of the Midlands, where people want to live, work, relax and invest. It’s a whole new community. We are only half way through the redevelopment of Longbridge and are committed to ensuring we deliver a legacy that we can all be proud of, recognising Longbridge’s unique heritage and bringing forward a vibrant destination for the use and enjoyment of future generations.”
