Retail and resi site sold for more than £1.6m
A RETAIL and residential development on the site of a former pub in Horwich near Bolton has been sold for £1.665m.
A joint venture between Barnfield Construction and Real Estate Development Partnerships has sold the commercial element of the land where the Greenwood Arms stood on Chorley New Road to Buzz Communications.
The 7000sq ft site is now a purpose-built retail and residential development. At ground floor are four well configured retail units let to Co-op, Barnardos, Subway and Greenhalgh’s Craft Bakers by way of brand new, 10-15 year FRI leases.
In addition to the retail element the scheme also includes two two-bed apartments and a one-bed residential apartment on the upper floor as well as a 20-space car park.
The sale represents a major milestone for the JV partnership.
Tim Webber, managing director of Barnfield, said: “The speed of the investment sale so soon after completion is tantamount to the fantastic location in which the whole development is based. With all tenants now trading the new building presents extremely well, creating an attractive entrance to the next phase.”
In addition to the Commercial block, work is well under way on phase two which will see the former Bowling Green redeveloped to provide 13 traditional three four-bedroom homes. Miller Metcalfe is the selling agent for the scheme with launch scheduled soon.
Simon Gallanders, development surveyor at Real Estate Development Partnerships, added: “We’re delighted to have completed the sale of the commercial element and we are now looking forward to the launch of the residential phase.
“The timing is perfect as there is currently a shortage of quality new build homes in the locality available for purchase. The price point will also be attractive to first time buyers”.
Metis Real Estate Advisors represented Barnfield Real Estate Partnership on the sale with Ward Hadaway on the legals. Regional Property Solutions acted for Buzz Communications.
