A secondary 1990’s retail park and food store located on the outskirts of Wigan town centre. The entire site was acquired by clients in 2009 for circa £20m. The site was let to J Sainsburys, McDonalds, B&M Bargains and Homebase and had an open A1 consent.
Negotiations were immediately undertaken with J Sainsbury to extend their store and as a result vary the lease terms to circa 27 years unexpired with fixed increases at rent reviews. During the development process the park upgraded to include new signage, improved landscaping and resurfaced car parking areas. The supermarket and petrol filling station where then subsequently sold to M&G at a price of £39.4m (4.6%).
The McDonalds was then subsequently sold off separately to a private investor for £810,000 (6.6%) and more recently the Homebase and B&M Bargains have been sold to Salmon Harvester for £6.5m (7.2%).
The deal demonstrates B8 Real Estate’s ability to operate in other market sectors, spot potential opportunities and work with clients to conclude a successful business plan including handling complex re-gear, redevelopment and sales transactions.