Real Estate Investment Partnerships and Hardy Mill Properties LLP have secured planning consent for a retail development and exchanged contracts with The Co-operative on the 3,500 sq. ft. anchor unit to rejuvenate the site of the former Bay Horse Public House in Hyde.
The site, situated on the corner of Talbot Road and Victoria Street, on the main link road between Hyde and Stalybridge, was purchased in a partnership between Real Estate Investment Partnerships and Hardy Mill Properties LLP.
Proposals will be for the demolition of the existing Public House, which has been closed for three years, and construction of three retail units. The Co-operative, which is investing to transform and grow its convenience business, are on board to take the largest unit and will provide a much needed convenience provision in the community with its focus on fresh, healthy foods, meal ideas and essentials. Real Estate are in talks with other national retailers for the remaining units, both approximately 1,000 sq. ft.
With planning now in place Real Estate aim to be on site by November 2015 with practical completion targeted for May 2016.
Steve Slater, Investment Director at Real Estate Investment Partnerships commented: “Real Estate saw a lot of potential when we saw this site and we are looking forward to beginning work to transform it into something that will benefit the local community. Its great location means people passing between Stalybridge and Hyde can also benefit from the retail offer. We are continuing to look at other potential sites across the North West for future development.”
Chris Moss, Regional Acquisition Manager for The Co-operative Food, said: “As a community retailer, we are pleased to have the opportunity to build on the service that we already provide to our customers in the Hyde area as we invest to transform and grow our convenience business and, take strides towards achieving our ambition of becoming the UK’s number one convenience retailer.
“The Co-op is creating new jobs in the region through a combination of developing new stores and by investing in our existing stores to ensure that they deliver excellent customer service, consistently. The Co-op is also investing in lowering the price of everyday essentials, including pruning the price of fresh fruit and veg and introducing revolving offers on popular produce known as ‘fresh three’. We are confident that our new store will be a real asset to the community. It will have a focus on fresh, healthy foods, meal ideas and essentials and as a community retailer, and a co-operative, it will play its part in local life too.”
The news follows swiftly on from the recent completion of work on Real Estate’s Horwich development, a joint venture with Barnfield Construction, again anchored by the Co-operative with lettings also to Barnardo’s, Subway and Greenhalgh’s Craft Bakers. The investment opportunity will shortly be brought to market by Metis Real Estate.