Tuesday, May 30, 2017

News: Mountain Warehouse set to pitch up in Rotherham

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Outdoors specialist, Mountain Warehouse, looks to have snapped up the last remaining unit at a £36m retail development in Rotherham.

Work is close to completion at the Cortonwood Shopping Park where Sheffield contractor, J F Finnegan has led on the work to demolish the vacant 150,000 sq ft ALBA warehouse, and then construct 11 new retail units totalling 120,000 sq ft.

Before work even began, leading name retailers had signed up to take units - Outfit, H&M, New Look, River Island, Marks and Spencer Simply Food, Clark's, JD Sports, Wilkos, Poundland and Frankie & Benny's.

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The last unit looks to have been taken by Mountain Warehouse as it sets out plans to open 40 new stores in the year ahead, 20 in the UK.

The developer, Helical plc, said in its latest financial report to the stock exchange that construction is continuing with completion due in July 2017. Stores are set to open in August.

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

Mountain Warehouse recently published record results with profits jumping by 22% to £19.8m for the year ending February 2017, while sales were up 30.8% to £184.8m. Like-for-like sales increased by 16.5% over the period.

Founded in 1997, the business now sells mainly own brand clothing, footwear and equipment. It operates 260 stores worldwide and aims to have 300 UK stores and expand further overseas.

Helical Retail pre-funded the development to clients of Aberdeen Asset Management for £36.3m. Only passed on appeal, it forms an extension to Cortonwood Retail Park which was developed by St Paul's Developments, totally transforming the site of the former Cortonwood Colliery, where the 1984 miners' strike began.

On the same site, Palmer Capital recently acquired Dearne House for £5.25m, reflecting a net initial yield of 6.75%. Acquired for the Palmer Capital Income Fund and securely let to The Royal Mail Group Limited for a further 13 years with fixed uplifts, Dearne House comprises 51,671 sq ft of modern office accommodation.

As the regenerated site becomes a retail destination, Palmer Capital said that the deal offers "Royal Mail superb local amenities and the fund with a strong residual value position at the end of the lease."

Mountain Warehouse website
Helical website

Images: Mountain Warehouse


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