Wednesday, May 18, 2016

News: Finnegan bags brief at £36m Rotherham retail project


Sheffield-based contractor JF Finnegan has been appointed by Helical Retail Limited to deliver Cortonwood Shopping Park, the £36m new retail development in Rotherham.

Work on site has started on a programme of works which will involve the demolition of a vacant 150,000 sq ft ALBA warehouse, following which site preparation works will take place ready for the development of 11 new retail units totalling 120,000 sq ft for occupiers to be trading by Autumn 2017.

Rothbiz reported last week that Outfit, H&M, New Look, River Island, Marks and Spencer Simply Food, Clark's, JD Sports, Wilkos, Poundland and Frankie & Benny's have all signed up to take units.

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


Only passed on appeal, the planned development 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.

The latest contract continues JF Finnegan's long-standing involvement at the former colliery site, having constructed all 250,000 sq ft of retail units in the previous phases over the last 20 years.

Adrian Russell, of Helical Retail, said: "Our aspirations for a new retail development to enhance the existing offering at Cortonwood have been long awaited by the local residents and we are delighted to have now reached the stage where work is starting on site.

"By attracting new retailers to the area, the scheme is bringing significant capital investment and new jobs to the locality in addition to adding to the vibrancy of an already successful retail destination. We appointed JF Finnegan due to their historic involvement with Cortonwood and their strong reputation and are looking forward to seeing work progress on site."

Dawa Singh, head of pre-construction at JF Finnegan, added: "Over the years we have witnessed the transformation of Cortonwood into one of the region's most acclaimed regeneration projects and shopping destinations. We have been working alongside Helical Retail and their Project Managers PMS (Wessex) Limited for some time to develop the plans for the new extension which will ensure the continued success of the development. Our teams are now undertaking preparatory works on site."

Helical Retail has 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.

JF Finnegan website

Images: Helical


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