Private property company Consolidated Property Group (CPG) has achieved a trio of major retail development deals all of which are now under construction.
Based in Alderley Edge and London, CPG is currently constructing over 245,000 square feet of super prime retail projects in St Albans, Herts; Bicester, Oxon and Kingsley Village on the A30 at Fraddon, Cornwall.
CPG’s Managing Director, Martin Ridgway said: “CPG’s policy is to focus on the very best retail locations delivering quality schemes throughout the country. Despite all the negative press surrounding the retail sector there continues to be strong occupational and investor interest in our prime retail assets as successful retailers reposition and consolidate their portfolios to new right sized units in the best locations.”
At St Albans, CPG has forward funded the 67,080 square foot development at Griffiths Way Retail Park to Lxi which is pre-let to discount foodstore Aldi, Costa and B&Q. It is located adjacent to the existing Abbey View Retail Park and thus well positioned as a shopping destination serving local residents.
In January this year, CPG commenced works at Bicester Shopping Park (74,975 sq ft) on the A41 adjacent to Countryside Property’s Kingsmere residential development and next to Bicester Village. The Barclays funded scheme is majority let to Nike, Marks & Spencer, Next and The Gym and will serve the growing local population. Completion is expected by year-end 2019.
Kingsley Village Retail Park (103,100 sq ft) on the A30 in Cornwall has achieved practical completion and is fully let to M&S, TK Maxx, Boots, Mountain Warehouse, Next and Starbucks. For Marks & Spencer, the opening in Autumn 2019 concludes a ten year search for a strategic site suitable for a larger general merchandise store to serve central Cornwall.
Luke Sowerby, Curson Sowerby Partners, letting agent on all three schemes, said: “The three schemes offered very different letting challenges with St Albans attracting national tenants with long leases and strong income making it very attractive for any future buyer.
“Bicester Shopping Park is adjacent to the hugely successful Bicester Village and Bicester Shopping Park has proved attractive to national and international retailers who want relatively large retail units which are not available at the adjacent Bicester Village.
“Kingsley Retail Park is a strategic site to serve the wider area and M&S had been looking for a suitable site for many years and the Fraddon site is central to all the regional key towns.”
The trio of developments, valued at about £83 million, will create over 1,000 full and part-time employment opportunities when the schemes are fully open.