Member Article

Pearl partnership buy Colne shopping parade

North West partnership, Pearl, has purchased a shopping parade on Colne’s Market Street in Lancashire.

The deal was made with administrators, Duff & Phelps, on behalf of the Irish Bank Resolution Corporation, and will see Pearl expand its regeneration property portfolio.

Pearl is a public private partnership between Barnfield Investment Properties and Pendle Council, who have pledged to renovate the 1970s shopping complex.

Barnfield construction said in a press release the previous owners struggled financially to keep the buildings running, however the majority of shops are still occupied, with only three out of 14 currently vacant.

The firm added that two of the vacant shop spaces have seen active interest, and the partnership hopes this will result in greater occupancy on the parade.

Head of property at Barnfield Construction, Tim Mulholland, commented: “Architects are currently working on a new façade scheme which will help modernise and improve the shopping experience in Colne.

“We have continually invested into Pendle both through our joint venture with Pendle Council and through our own speculative developments over the last three decades.

“Colne is very close to our heart and we are looking forward to making it a better place to shop which in turn will hopefully encourage an increase in the local economy with new shoppers venturing into the town”

The firm suggested it expects to begin renovations before the end of this year, and boasted a list of successfully completed projects including housing refurbishments in Nelson, work on community building the ACE Centre, also in Nelson, and ongoing refurbishment at Brierfield Mill.

Director of Pearl and leader of Pendle Council, Cllr Joe Cooney, commented: “We’re thrilled to have taken on this shopping parade at the top end of Colne town centre.

“We’re going to modernise it by giving it an attractive new frontage to encourage even more shoppers to the area.

“Many of the shops are already occupied so we’re hoping this will give the existing businesses a boost and encourage others to take up the few empty ones.”

This was posted in Bdaily's Members' News section by Miranda Dobson .