Work starts on £7.5m Bury retail park
PEVERIL Securities, the development arm of Derbyshire-based contractor Bowmer & Kirkland, has started work on a £7.5m joint venture scheme to build a new 35,000 sq ft retail warehouse scheme in Bury.
The joint venture with Real Estate Development Partnerships – a business which was started last year by ex-Modus Group senior executives James Ridings and Damian Flood.
The partnership wil develop a site containing three retail warehouses on Foundry Street next to an existing Asda store and the Angouleme Retail Park by next May.
The 1.6 hectare site will contain more than 130 parking spaces and the units have already been pre-let to Pets at Home, beds retailer Dreams and toy retailer Smyths.
Ralph Jones, managing director of Peveril Securities said: “We are very pleased to be funding this joint development and look forward to another successfully completed project.”
James Ridings, director of Real Estate Development Partnerships, said: “We are delighted to have been able to work with our development partners, the local planning authority and of course the occupiers to start what must be one of the few real retail developments to have been implemented since the onset of the credit crunch.”
Ian Gill of Mowbray Gill and Craig Hudson of Savills were letting agents. Patrick Duffy and Paul Barnard of DLA Piper’s Manchester office advised Peveril Securities and Real Estate Development Partnerships on acquiring the site.
