Tenants’ concerns over developer’s plans to offload retail district
Register for free to receive latest news stories direct to your inboxRegister
Crosby shopkeepers have flagged their concerns about plans by developer St Modwen to sell their recently-refurbished properties.
St Modwen completed the refurbishment of the Crosby Village site, in North Merseyside, last March.
The group acquired the properties in 2016 for a reported £2.7m from supermarket giant Sainsbury’s, which had failed in its bid to push through a wholesale redevelopment of the area.
But the mix of shops and offices are now being marketed for £6.38m by agent Lambert Smith Hampton (LSH).
This has raised concerns among businesses occupying the properties, which range from coffee shops, to bars and gift shops.
They believed the St Modwen scheme was part of a long-term strategy for the area.
One resident, who asked to remain anonymous, said: “It’s disappointing because it appears there was no long-term commitment from St Modwen and they are capitalising on their refurbishment work.
“Perhaps Sefton Council might be interested in buying the St Modwen properties as an investment, as they did with The Strand Shopping Centre in Bootle.”
In the three years since the site’s acquisition St Modwen has refurbished Glen Buildings North and South in a bid to attract new businesses to the retail centre of Crosby.
New arrivals include Peacocks clothes shop, Village Vets, Scouse Bird Shop, Frankie’s Bar, Bailey’s gift shop and Crosby Events Centre.
The LSH online brochure marketing the properties as a “neighbourhood mixed-used investment” says: “The scheme comprises four buildings which have been arranged into 14 retail and leisure units and nine office suites.
“Occupiers include Home Bargains, Superdrug, Peacocks, Village Vets, Crosby Cocktail Bar and Costa Coffee.
“The property comprises leisure, retail, office suites and ancillary accommodation.
“The scheme is made up of Glen Buildings North, Glen Buildings South, 8 Moor Lane, and 12-14 Moor Lane.
“The scheme has recently been comprehensively refurbished to a high specification and includes new frontages.
“We are instructed to seek offers in excess of £6,380,000.”
A St Modwen spokesperson said: “Having invested and helped to transform Crosby town centre over recent years, we are considering a sale of the shops and are seeking a high-quality, long-term purchaser who can carry on the good momentum.”