Overton Developments and Helical Retail have paid£20 million for 56/76 Commercial Road in Bournemouth, Dorset. The purchase from Insight Investment, acting on behalf of the Equitable Life Assurance Society, took only seven days after agreeing heads of terms.
Overton expects to submit a planning application shortly for 50,000 sq ft (4,645 sq m) of retail floor space, providing floorplates of between 4,000 sq ft (370 sq m) and 20,000 sq ft (1,855 sq m). Units of this size have not previously been available in Bournemouth.
Overton director Paul Horner said: 'We are proposing a landmark building with full-height glazing and two trading floors. H&M, French Connection, Next, Zara, Bay Trading, Karen Millen, HMV, Sports Soccer and many more retailers have requirements. Overton intends to commence development as soon as possible, but probably in the spring of next year.'
Phillips Wilks acted for the purchaser and Cushman & Wakefield Healey & Baker and Green & Partners advised the vendor.
This is the second major project acquired by the Overton and Helical Retail joint venture in the past six months, following the purchase of the 2.5 acre (10,115 sq m) Trinity Square development site adjacent to the Victoria Centre in Nottingham. The partners plan to develop 250,000 sq ft (23,225 sq m) of retail and leisure, a multi-storey car park and 460 residential apartments next year.
All the retail and leisure space is under offer, or in discussion with Borders, Daisy & Tom, Urban Outfitters, Mexx and London Clubs International on the southern block, with competition on the northern block from TK Maxx and others.
No comments yet