Longbridge shopping park sold for £54m
THE home of the Midlands’ largest Marks & Spencer has been sold for £53.6 million.
Birmingham-based property group St Modwen has offloaded the retail element of its regeneration project in Longbridge amid a retail slump.
The park features the huge M&S store and a string of other shops with occupiers such as Sainsbury’s, Boots, Poundland and Mountain Warehouse.
It forms part of the wider £1 billion regeneration of the former MG Rover factory site to create new housing, employment, leisure and retail space. It also includes Bournville College, Longbridge Technology Park and a retirement village.
St Modwen said the sale of the shopping park to Zurich Assurance would allow it to reinvest the proceeds into the continued regeneration of Longbridge which is at the half-way stage. Future plans include Longbridge Business Park, a final building on the technology park called Three Devon Way and a third supermarket aimed at a budget occupier.
Guy Gusterson, property director for the Midlands and North at St Modwen, said: “We are incredibly proud of Longbridge – it is a special place. We’ve created a vital, sustainable environment in the heart of the Midlands, where people want to live, work, relax and invest. We are only half way through the redevelopment of Longbridge and are committed to ensuring we deliver a legacy that we can all be proud of, recognising Longbridge’s unique heritage and bringing forward a vibrant destination for the use and enjoyment of future generations.”
The firm is also selling Wembley Central in London which, together with Longbridge, represents 27 per cent of its retail portfolio.
Wembley will be unspecified buyer.
The move comes as the retail sector buckles under the weight of soaring costs, high inflation and declining consumer confidence.
It has led to hundreds of store closures at the likes of Toys R Us and Maplin, resulting in thousands of job losses. sold to an