Friday, May 16, 2014

News: Changes to Cortonwood plans

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Developer, Helical Retail, is making slight amendments to its planned £30m retail park at Cortonwood in Rotherham.

Plans for a 98,000 sq ft development, to be known as Cortonwood Shopping Park, were passed on appeal last year 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 eight new out-of-town retail stores. The approved plans were for six larger units.

The plans are being brought 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.

If approved, the amended plans would involve around 85,000 sq ft of development together with the addition of floorspace at mezzanine level that would not exceed 60,000 sq ft of gross internal area.

The new plans are set to provide flexibility for the owners and potential occupiers. Units are expected to range from approximately 7,500 sq ft to 15,000 sq ft, with the proposed mezzanine floorspace to be "called upon" up when required across the scheme.

The developers believe that the new retail park will create between 279 and 372 jobs (equivalent to 186 full time jobs).

Already home to the likes of Morrisons, Next, Argos, Asda Living, Boots and B&Q Cortonwood Retail Park was developed by St Paul's Developments,totally transforming the site of the former Cortonwood Colliery, where the 1984 miners' strike began. It 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.

Helical, exchanged contracts on the adjacent site in 2012, 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

1 comments:

Anonymous,  May 17, 2014 at 12:12 AM  

Make it one way in and one way out, make it easier and ease congestion on the parkway.

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