Strategic town centre site hits market after receivers called in
£750K PRICE TAG ON FORMER SUPERMARKET SITE AND OFFICE UNITS
ALARGE part of Grimsby town centre has hit the market after receivers stepped in at a failed property company, immediately opening up a new regeneration opportunity. Poundland’s former store and four further units fronting Osborne Street, as well as the large car park to the rear, are being sold.
Together they occupy 1.6 acres, sitting strategically between the town’s railway station and civic quarter. With the bulk of the site having been a long-term lease opportunity since the relocation to the former BHS store by Poundland, it is believed the lack of rental income has led to the Londonbased single investment entity’s demise, with a guide price of £750,000 now put on the land and 23,000 sq ft of buildings.
Pan-Humber agent Clark Weightman and Sanderson Weatherall are jointly marketing, having been instructed by insolvency specialist PKF GM.
Carl Bradley, director at the former, said: “The property has been on the market to let historically, but receivers have been appointed and we are now acting on behalf of them.
“It is quite an interesting site, it covers a big chunk of the town centre, and is shown in the local plan as being an “opportunity site”. There is a lot of potential.
“We recognise there is a lot going on in the town at the moment, and while this site doesn’t form any part of the current Town Deal proposals, we will gladly talk to anyone about relocation or new uses. It can certainly form part of the overall regeneration and revitalisation of the town centre.
“Initially it could be simply renovated and continue as retail units, or with a lot of mixed use redevelopment, with offices, commercial and residential.”
A regional and national developer have already expressed interest since soft launch, with two units occupied by Stafforce and Meridian Business Services.
It is seen as requiring some transformation, having remained unoccupied at a time of strong food retail performance.
The complex was originally built by West Yorkshire supermarket chain Hillards, the subject of a hostile takeover by Tesco in the Eighties.
When it built a regional flagship store at Hewitts Circus, Somerfield swooped for the site, staying until 2011, with Poundland taking it on in 2015.
When Tesco sold it in 2005 it raised almost £3 million.
It is quite an interesting site, it covers a big chunk of the town centre, and is shown in the local plan as being an ‘opportunity site’. There is a lot of potential
Carl Bradley