In a significant deal which will further boost the ongoing regeneration of Stockport town centre, property development and investment company Glenbrook has completed the acquisition of the former Marks & Spencer (M&S) building in Stockport, Greater Manchester.
Situated within Merseyway Shopping Centre, the scheme comprises 80,551 sq ft over the lower ground, ground and two larger upper floors. M&S closed the store in April 2018 and it has since lain vacant.
Glenbrook, working with architects, AEW, plans to transform and reposition the building for alternative office and leisure occupiers and will also retain a retail element. Glenbrook will immediately undertake an extensive strip-out of the building with a view to launching a brand identity for the new scheme next month.
Speaking about the acquisition, Chris Lloyd, Investment Director at Glenbrook, commented: “The former M&S store represents a significant piece in the Merseyway Shopping Centre jigsaw. The building’s size, configuration and location lends itself to a mixed-use scheme, with the upper floors being best suited for office use, whilst the lower ground floor area will no doubt appeal to a wide range of leisure uses.
“Stockport, which is now receiving significant public and private sector investment, has been on our radar for a while now. We are pleased to bring this scheme into our portfolio.”
Cllr David Meller, Cabinet Member for Economy and Regeneration at Stockport Council, said: “We’re really supportive of this new development by Glenbrook: it will be a great asset to our town centre and will also complement our recently announced plans to improve Merseyway.
“We continue to attract new investment to the town from high calibre developers such as Glenbrook. This new scheme will strengthen our town centre offer and fit alongside Stockport Exchange, Redrock, the Produce Hall and the number of new, independent businesses setting up home in our town centre.
“This once again demonstrates that it’s change here in Stockport. I’m looking forward to seeing the finished scheme and the new businesses it will attract.“
LSH represented Glenbrook, Savills represented M&S, CBRE represented SMBC. The building was acquired for an undisclosed sum.