Crescent for sale
Developers selling off interest in town centre site
DEVELOPERS behind Hinckley’s £60 million shopping and leisure mall, The Crescent, are selling off their interest in the project.
The Tin Hat Regeneration Partnership has already sold the Sainsbury’s supermarket at the development and is now beginning to market its other interests with a view to selling.
No exact timescale has been put on the offload.
Hinckley and Bosworth Borough Council, which salvaged the long-anticipated scheme in 2013 with a £7 million loan, could come in for a windfall from the eventual sale.
While Tin Hat has priority over the first £5 million of development profit, the balance will then be split 80/20 with the council.
The authority stepped in to rescue the flailing project after flagship tenant Sainsbury’s looked likely to jump ship due to delays in building the flagship shopping venue.
As well as the £7 million loan the council also invested around £4.5 million in securing the arrival of Cineworld.
More than £2 million was spent on buying the freehold for Block C - the location of the multi-screen.
A similar amount was given to Cineworld as a fixed capital contribution incentive payment to help the film firm fit out the five screen facility. Legal fees made up the rest. Tony Baker, of the Tin Hat Regeneration Partnership, said: “We have been absolutely delighted with the success of the scheme, which has taken so much hard work from a great many people and organisations involved to reach this point.
“We have sold the J Sainsbury’s and cinema premises and, at some point in the future, Tin Hat Regeneration Partnership will look to sell its remaining interest.
“For clarification, that area comprises Blocks A and B, which are close to being fully let and include stores such as TK Maxx and Superdrug, and café/ dining outlets such as Costa and Prezzo.
“We are proud and delighted that the scheme has had such as positive impact on Hinckley and that any future sale will see a return on investment for Hinckley and Bosworth Borough Council.”
Sainsbury’s is now owned by a Spanish investment firm.
No further details on this deal have yet been released.
Under the council’s control Block C has evolved into a leisure destination with successful restaurants and bars, Tarro Lounge, Rossini, Elbow Room Ale and Ciderhouse, Fab Noodle and soon to arrive Wildwood as well as Cineworld.
Sainsbury’s has a 25-year lease and the centre’s car park with around 500 spaces is underneath the superstore.
Anticipated income over the next four years from Block C for the council has been redrafted down by around £350,000 due to units being vacant longer than expected in the wake of wider economic uncertainty.
During 2016/17 the authority had expected to make almost £375,000 but instead gained a little over £240,000.