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Commercial Property

拢85m Parkgate retail development to go on sale

Shirley regeneration project which completed last year will be placed on the market after owners secure final tenants

Parkgate in Shirley will go on the market next year

The £85 million Parkgate retail development in Solihull will be put on the market next year after a final string of lettings was secured.

Shirley Advance, the joint venture company which led the development in Shirley town centre, has instructed property consultancy Cushman and Wakefield to market the site for sale early next year.

It follows a last group of lettings secured with retailers, meaning the 195,000 sq ft scheme is now full.

Budget chain B&M Stores has taken a 10,000 sq ft unit, due to open in March, where it will be joined by Poundland which has taken over the former 99p Stores unit following its recent acquisition of the company.

The other agreed tenancies are with bridal-wear retailer shop Wed2B, estate and letting agency Belvoir and Coffee#1, meaning Parkgate will be fully occupied during the first quarter of 2016.

The residential element of Parkgate is also now all complete, with a total of 123 houses and apartments.

Shirley Advance is a joint venture between Helical Retail and Coltham Developments.

The company also recently submitted a planning application for the regeneration of the former PowerGen site which sits opposite Parkgate.