Thursday, November 21, 2013

News: £30m for Cortonwood Shopping Park

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Developers, Helical Retail, are set to invest £30m in a retail park at Cortonwood in Rotherham.

Plans for a 98,000 sq ft development, to be known as Cortonwood Shopping Park, were recently passed on appeal after earlier being refused by Rotherham Council.

The new scheme will form a £30m extension to the existing Cortonwood Retail Park and will see a current distribution warehouse demolished to make way for six new out-of-town retail stores. Those behind the plans say that it could create 250 jobs.

Developed by St Paul's Developments, Cortonwood Retail Park was sold to The Hercules Unit Trust for £46.5m in 2003. In 2009 the trust sold the long leasehold interest in the the park to the Kirkham Family Trust for an estimated price of £41.85m. Lord Kirkham, the founder of DFS, is a partner in Black Diamond Investments who objected to the plans for the new retail development.

Developed in phases, work began on 32,500 sq ft of new retail space on the park in 2011. Sheffield firm, JF Finnegan has constructed all 250,000 sq ft of retail units in the previous phases over the last 20 years, totally transforming the site of the former Cortonwood Colliery, where the 1984 miners' strike began.

The latest plans were put forward by Budenny LLP, formerly the property division of Alba PLC who built and operated the Dearne Valley warehouse before leasing it to UPS in 2008. They are working with developers, Helical Retail, a joint venture between Helical Bar plc and Oswin Developments Limited.

Cortonwood Shopping Park will comprise of retail and restaurant units, and Helical Retail expect to start work on site in early 2015.

Adrian Russell of Helical Retail said: "The existing Cortonwood Retail Park is already very successful and includes tenants such as Morrisons, Next, Argos, Asda Living, Boots and B&Q.

"[The extension] will bring more quality retailers to this vibrant destination and create much needed jobs in the area."

Helical, exchanged contracts on the site last year, subject to planning. The conditional purchase of the site is also subject to pre-lettings of a percentage of the retail space.

Edgerley Simpson Howe is the letting agent for Cortonwood Shopping Park.

Helical Retail website

Images: Budenny LLP / Helical Retail

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