Solihull retail complex is snapped up for £16 million

A LANDMARK retail development in Solihull has been acquired for £16 million.

Part of the Parkgate project in Shirley has been bought by Leeds and London-based property group Moorgarth.

The entire scheme cost £85 million to develop and was completed in 2014 following a ten-year legal wrangle.

It comprises an Asda supermarket, townhouses, housing association apartments and occupiers such as B&M, Peacocks, Poundland, Pizza Express and Wetherspoon.

Moorgarth has acquired just the retail element of Parkgate, except for the supermarket which was acquired by Asda following completion of the development.

Parkgate was developed by Shirley Advance, a joint venture between Helical Retail and Coltham Developments, and was placed on the market in March.

The sale of the Stratford Road project will enable Shirley Advance to concentrate on its next major development in the town – the regeneration of the former Powergen site on the A34 which has lain vacant for more than 20 years and which will now become a retirement village.

Jonathan Cox, of Shirley Advance, said: “The development of Parkgate has made a significant positive impact on the local area, introducing a much-needed shopping and leisure hub and delivering a social and community focus for the town.”

Birmingham law firm Emms Gilmore Liberson and property agency Cushman & Wakefield acted on behalf of Shirley Advance on the deal.