St.Modwen offloads final stake in retail development in £4m deal
Regeneration specialist St. Modwen has completed the sale of its final stake in the Crompton Retail Park development in Doncaster to the Canal & River Trust (CRT) for almost £4m.
CRT has added the 15,000 sq ft retail park and a 2.5 acre soccer centre to its commercial property portfolio having already purchased the 29,000 sq ft Dunelm Mill store from St. Modwen in 2014.
St. Modwen acquired the 13 acre site, formerly occupied by Tyco Electronics, in 2002. Over the last 15 years St. Modwen has transformed the site and attracted a number of national and independent businesses to the mixed-use scheme.
The development has included a 37,000 sq ft Ready Steady Store, a Marstons public house, 10,000 sq ft Farm Foods store, five smaller retail units including a new Subway store, and a Goals Soccer Centre.
To date the re-development has created 144 jobs and is home to a total of ten businesses. In 2009, St. Modwen also completed a land swap deal with the adjacent occupier and lighting company Eaton, securing their ongoing commitment to Doncaster.
In addition, St. Modwen has delivered the first phase of a new 250,000 sq ft commercial property development at its Parkside Business Park, also on Doncaster’s Wheatley Hall Road.
Adrian Banks, investment officer at Business Doncaster, said: “St. Modwen has brought important investment to Doncaster and transformed the former Tyco Electronics site over the last 15 years. The flourishing retail and leisure park is testament to their vision and has made a real difference to the local area, providing much-needed jobs. I look forward to working with the Canal & River Trust to ensure Crompton Retail Park continues to go from strength to strength.”
Paul Brustad, asset manager at St. Modwen, said: “The sale of Crompton Retail Park brings our successful regeneration project to an end and I’m extremely proud of the transformation we’ve achieved. The future looks bright for this retail and leisure destination and I’m pleased that CRT has purchased the final part of the site and added it to their existing stake within the retail park. I’d like to thank Doncaster Council for their support over the years, they have been fantastic partners in this project.”
David Watson of WSB Property Consultants advised St. Modwen Properties on the sale to CRT.
