Tuesday, August 22, 2017

News: New stores set to open at Cortonwood

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New stores are getting ready to open for business at a £36m retail development in Rotherham where over 200 jobs have been created.

At Cortonwood Shopping Park, work started last year on a programme to demolish the vacant 150,000 sq ft ALBA warehouse, following which J F Finnegan undertook works to create 11 new retail units and a restaurant totalling 79,750 sq ft.

Getting ready to open are national retailers Outfit, H&M, New Look, River Island, Mountain Warehouse, Marks and Spencer Simply Food, Clark's, JD Sports, Wilkos, Poundland and Frankie & Benny's.

Only passed on appeal, the development is from Helical Retail and 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.

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Helical Bar plc is a property investment and development company and is working with partners, Oswin Developments Limited on the scheme.

Jonathan Cox of Helical Retail said: "This development has come about over a period of time which many retailers have found challenging, underlining the confidence these high profile names have in Cortonwood as a retail destination."

Edgerley Simpson Howe acted for Helical Retail and Aberdeen Asset Management was advised by CWM.

The 9,000 sq ft M&S Foodhall, which has created 57 jobs at the scheme, has set its opening date as August 30.

Helical Retail funded the development to clients of Aberdeen Asset Management for £36.3m, showing the buyer a yield of c.5.5%. Aberdeen Asset Management PLC is a global investment management group, managing assets for institutional and retail clients from offices around the world.

Over 95% of the scheme was pre-let "off plan" and the developers believe that the new retail park will create between 279 and 372 jobs (equivalent to 186 full time jobs).

Helical plc has narrowed the focus of the company to London, offices in Manchester and a portfolio of logistics units. It expects to sell off remaining non-core assets, such as its retail portfolio, this year.

Helical Retail website

Images: J F Finnegan


4 comments:

Mr me August 22, 2017 at 4:24 PM  

Dont understand why council have aloud the Corntonwood development,why havent they aloud further expansion of Parkgate to become a mega retail park and potentially getting people into Rotherham town centre itself?Why build a park that benefits Barnsley area more than Rotherham??

Tom,  August 22, 2017 at 5:11 PM  

The Council refused the application but it was passed on appeal: http://www.rothbiz.co.uk/2013/11/news-3734-cortonwood-plans-passed-on.html

Mr me August 23, 2017 at 12:34 PM  

Maybe owners of Parkgate should appeal and get the expansion they want,especially now with the tram stopping there.

Anonymous,  September 17, 2017 at 5:50 PM  

Mr me. It's allowed not aloud!

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