Development Securities acquires site for regeneration
16 February 2005
LG has advised Development Securities PLC in relation to its acquisition of the freehold of a 3.20 acre site in Huyton in Merseyside for £5m.
The site - comprising the town’s former ASDA superstore - is to be redeveloped by Development Securities in conjunction with CTP Ltd, a Manchester-based urban regeneration specialist. Under the terms of the transaction with CTP, Development Securities will provide funding for the development, including site acquisition, up to a fixed sum of £14.4m.
Planning permission exists for a comprehensive redevelopment of the site to include a minimum of 28 new retail units. The site links the traditional High Street with a new 147,000 sq ft ASDA hypermarket to the rear.
A start on site is expected immediately and the 105,000 sq ft scheme will be open for trading in the first quarter of 2006. Wilkinson Hardware is secured as the tenant of the 28,990 sq ft anchor store at an annual rent of £218,000 pax. Total ERV for the scheme is estimated at £1.4m pax.
Jon Lloyd, partner at LG who advised Development Securities with assistance from solicitor Ben Willis, commented:
"This transaction represents our first substantial instruction for Development Securities and we are delighted to be involved in this significant regeneration project".
Acting for CTP Limited was Derek Wood at Hammonds.
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Jon Lloyd
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