Background
Challenge
Outcome
Devonshire Works comprises 95,000 sq ft of retail, leisure and residential accommodation in Sheffield city centre that Henry Boot had owned for a number of years.
The property combines a number of buildings, some attractive with period features, and others that have large vacancies in the upper parts that were in need of significant renewal.
Colliers were asked to provide strategic advice in regard to development and potential disposal advice to Henry Boot.
Our advice related to the potential to improve the quality of the ground floor retail / leisure occupiers and increase the rent roll from this space, whilst considering the potential for conversion of the upper parts from outdated office accommodation to residential, in line with permitted development rights.
The client approved the marketing of the site on the basis of the values Colliers attributed and the site was acquired for redevelopment in 2019.
In November 2019, the agreement between Knowsley Council and St Modwen was completed. This secured the delivery of the new 90,000 sq ft development with the Council funding the costs and taking ownership of the completed scheme and the existing town centre assets.
The Colliers team was led throughout by their Head of Retail Development, Greg Styles, and they are now retained to lease the remainder of the new development for the Council, which will open in mid-2020.
Heart of Pierce County
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