A trio of major retail development deals are now under construction
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.
At St Albans, CPG has forward funded the 67,080 sq ft development at Griffiths Way Retail Park to Lxi which is pre-let to discount foodstore Aldi, Costa and B&Q.
In January this year, CPG commenced works at Bicester Shopping Park (74,975 sq ft). The Barclays funded scheme is majority let to Nike, Marks & Spencer, Next and The Gym and and completion is expected by year-end 2019.
And Kingsley Village Retail Park (103,100 sq ft) has achieved practical completion and is fully let to M&S, TK Maxx, Boots, Mountain Warehouse, Next and Starbucks.
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 approximately £83m, will create over 1,000 full and part-time employment opportunities when the schemes are fully open.