St. Modwen acquires Crosby retail and development space in £2m deal

Regeneration firm St. Modwen, the company behind the multi-million pound revamp of Kirkby town centre, has expanded its North West portfolio with the acquisition of new development land and 26 retail units.

St. Modwen has purchased multi-let retail assets in Crosby town centre in a deal worth £2m, with current tenants including discount store chain Home Bargains, bookmaker Betfred and health retailer Superdrug.

Steven Knowles, the North West regional director at St. Modwen, said: “This acquisition will complement our North West portfolio and fits with our strategy to acquire income-producing assets to which we can further add value.

“Crosby is an attractive and affluent location in Merseyside and this acquisition will allow St. Modwen to build upon our wealth of retail experience in the North West.”

He added: “Our North West portfolio comprises more than 750 occupiers across four million sq ft and currently generates an annual income in excess of £14m.”

Commercial property agency Lambert Smith Hampton and law firm Pinsent Masons represented St. Modwen during the transaction, while real estate company Colliers International advised supermarket Sainsbury’s in the disposal.

Colliers International’s director of retail development, Greg Styles, said: “Retailing in Crosby has always been focussed on the prime thoroughfare of Moor Lane, with Sainsbury’s food store on Liverpool Road being the main anchor occupier for the town.

“Through an effective letting and asset management initiative, St. Modwen has the opportunity to substantially improve the tenant mix and rental income of Crosby, ensuring it reaches its untapped potential as a retail centre.”

He added: “There is also potential to explore the possible conversion of the upper floors for alternative uses.”

Ben Roberts, an associate director within Lambert Smith Hampton’s capital markets team, said the move marks “a big step forward” for Crosby town centre.

He commented: “St Modwen brings a wealth of regeneration experience that perfectly positions it to revitalise the site in question.

“Having such a prestigious and experienced developer involved in the scheme is a big draw to retail and leisure operators.”

Ben continued: “We are already working with St Modwen on the scheme and developing ideas which will make the best of the space, spark new interest in the area, and make a real long term difference to the town.”

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