Property firm goes on £10.5m shopping spree
Coleshill property group, IM Properties has expanded its portfolio after a £10.5m shopping spree in Warwickshire.
The company has acquired several prime retail assets in the centre of Leamington Spa, including blocks in The Parade and Warwick Street, opposite the entrance to the Royal Priors Shopping Centre, and a further site in Guy Street.
The 31, 227 sq ft of retail space is home to some of the town’s largest national retailers including Greggs, Poundland and Argos.
Harry Goodman, IMP’s asset manager said: “The town centre has been on our radar for a while. It’s an affluent town, with an appealing mix of major national retail brands and independent boutiques.
“We see a lot of opportunity to add further value and character to the assets. We’re already in talks with some really strong and exciting new operators, who are looking to take up the small amount of vacant space available.
“The retailers have confidence in the spa town too. The Card Factory and Greggs have both had their leases extended by a further 10 years, and we have also recently completed a letting to Coffee #1 on Warwick Street.”
The prospect of a £50m redevelopment of the town’s council headquarters to create a major new gateway into the town centre, is also set to act as a catalyst for future investment.
“Clearly Leamington is a very attractive place to live, work and shop. The area around The Parade and Warwick Street attracts some seven million people a year,” said Mr Goodman.
“Since 2005, the town has experienced above average employment growth and the population figures are set to rise. This sets out a very positive picture for the town and we are looking forward to being a part of its continued success.”
IM Properties is no stranger to the benefits of investing in upmarket suburbs, having owned Mell Square Shopping Centre in Solihull since 2013.
The group is one of the largest privately owned property companies in the UK and has a £1bn portfolio including retail, offices, industrial and residential.