Heaton Retail Park sold for £5.7m
TWO property investment and development companies have bought Heaton Retail Park in Manchester for £5.7m in a joint venture deal.
London-based Terrace Hill Group and Derbyshire-based Peveril Securities, part of the Bowmer & Kirkland group, have purchased the Heaton Retail Park in Manchester from Standard Life in a new funding and development joint venture.
The retail park, just opposite the south entrance of Heaton Park in Manchester, is a 43,000 sq ft scheme which is adjacent to an existing 80,000 sq ft Sainsbury’s and is currently let to Wickes, DSG International trading as Dixons and American Golf.
It has an unrestricted Open A1 planning consent, and the companies said they are looking at future redevelopment opportunities. Terrace Hill added that discussuions with Manchester City Council are already “well underway” and it is confident of submitting planning applications later this year.
Philip Leech, chief executive of Terrace Hill, said: “The purchase of Heaton Retail Park represents an opportunistic buy of stock with the potential for redevelopment in the forthcoming years.
“This purchase underscores our capabilities and our growing presence in this specialist market. We will continue to look for other similar opportunities to create value by utilising our UK-wide team and by progressing our business model of working with joint venture partners.”
Knight Frank and Clyde & Co acted for Terrace Hill and Peveril as agents and lawyers respectively. Edgerley Simpson Howe acted for Standard Life.
