Acquisition of key Stockport property will enhance town’s regeneration
In a significant deal which will further boost the ongoing regeneration of Stockport town centre, property development and investment company Glenbrook has completed the acquisition of Stockport’s former Marks & Spencer building for an undisclosed sum.
Situated within Merseyway Shopping Centre, the scheme comprises 80,551 sq ft over the lower ground, ground and two larger upper floors.
M&S closed the store in April 2018 and it has since lain vacant.
Glenbrook, working with architects AEW, plans to transform and reposition the building for alternative office and leisure occupiers and will also retain a retail element.
The firm will immediately undertake an extensive strip-out of the building with a view to launching a brand identity for the new scheme next month.
Chris Lloyd, investment director at Glenbrook, said: “The former M&S store represents a significant piece in the Merseyway Shopping Centre jigsaw.
“The building’s size, configuration and location lends itself to a mixed-use scheme, with the upper floors being best suited for office use, whilst the lower ground floor area will no doubt appeal to a wide range of leisure uses.”
He added: “Stockport, which is now receiving significant public and private sector investment, has been on our radar for a while now. We are pleased to bring this scheme into our portfolio.”
Cllr David Meller, cabinet member for economy and regeneration at Stockport Council, said: “We’re really supportive of this new development by Glenbrook – it will be a great asset to our town centre and will also complement our recently announced plans to improve Merseyway.
“We continue to attract new investment to the town from high calibre developers such as Glenbrook.
“This new scheme will strengthen our town centre offer and fit alongside Stockport Exchange, Redrock, the Produce Hall and the number of new, independent businesses setting up home in our town centre.
“This once again demonstrates that it’s change here in Stockport. I’m looking forward to seeing the finished scheme and the new businesses it will attract.”
LSH represented Glenbrook, Savills represented M&S, CBRE represented SMBC.