£4.3m deal to bring forward new retail scheme

Heart of England Co-operative Society has bought a district centre at Glenvale Park in Wellingborough in a £4.3m deal brokered by Harris Lamb.

The 15,730 sq ft development forms part of a larger housing site with 3,000 new homes and a primary school.

Heart of England Co-operative Society has bought the site’s freehold with a forward funding arrangement for the construction of the site. It will include a new 4,682 sq ft convenience store which Heart of England Co-op Food will occupy, together with five ancillary retail units and a Coffee Drive Thru, pre-let to Bewiched Coffee.

Steve Browne, general manager of Heart of England Co-operative Society’s food division, said: “We’re excited to be progressing with the retail centre in Wellingborough and to be developing our 39th food store at the heart of a new community.

“The remaining rental units will also give other businesses the opportunity to offer their services alongside us in a vibrant location.

“This is a significant investment for the Society. Last year we unveiled a similar development in Lower Heathcote, Warwick, where we also operate a store.”

Glenvale Park, the lead developers behind the new community on the northern edge of Wellingborough, will complete the development in Summer 2024.

Mark Best, director of Midtown Capital, managing partner of Glenvale Park, said: “We’re thrilled to have Heart of England Co-op and an independent, thriving business like Bewiched join our community. I’m happy to have both businesses on board which closely align with our sustainability values, as well as providing exceptional customer service.

“We have always been committed to ensuring we create an inclusive, exciting and accessible place for Wellingborough, delivering excellent homes across a range of tenures, in addition to an array of green open spaces and quality amenities?”

David Walton, director at Harris Lamb property consultants said: “We have been working with Heart of England Co-operative Society for many years and this scheme shows the ambition they have to grow the business and commit to expansion. The scheme is one of a number we are acting on in finding and acquiring sites. We are actively looking for further sites within an hour of Coventry either freehold or leasehold.”

Space Retail acted for the developer.