Background
Challenge
Outcome
Colliers advised St Modwen on the investment purchase of Kirkby town centre from Tesco in 2016. Alongside the existing shopping centre, the asset comprised a series of development opportunities that could enhance the town and create value.
They were retained by St Modwen to advise on future development and the leasing of the existing shopping centre.
Colliers advised St Modwen on the design of a new 130,000 sq ft food store anchored retail park development to augment the existing town centre.
They successfully secured agreements for lease on a new 45,000 sq ft supermarket with Morrison and stores for Home Bargains and KFC.
After planning consent was secured, the outward movement in the occupational retail market meant that the scheme needed to be reviewed and re-planned in order to ensure its success. At the same time, St Modwen wanted a funding commitment for the investment they were ready to create.
With the retail occupational and investment markets continuing to evolve through 2019, Colliers devised a series of potential development and funding options for the new scheme.
They worked with their clients St Modwen and Knowsley Council to develop terms for a new development agreement that would also see ownership of the existing town centre and the development passing to the Council. Colliers also negotiated revised agreements with Morrisons, Home Bargains and KFC for the downsized development.
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-2021.
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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Greg Styles
50 George Street
London
W1U 7GA
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