The acquisition has been made with funding partners Investec Private Bank and aims to create more than 650,000 ft² (approx. 60,200 m²) of food store, mixed retail, parking and office space on eight sites, covering more than -60 acres- in North & South Wales, the North-West and Lincolnshire.
The investment value of the completed projects is anticipated to be in the order of £200 million. The developments are located in Rhyl, Stockport, Preston, Congleton, Boston, Glossop, Newport and Wigan.
In Rhyl, Congleton and Wigan, development plans are already at advanced stages:
Rhyl - ‘Ocean Plaza’
A 16 acre site where SDG plan to develop a mixed use scheme including a 95,000 ft² food store, an 80 bed hotel, 20,000 ft² of offices, a stand alone leisure unit and 234 sea front apartments in a mixed use scheme including 20,000 ft² of commercial.
Congleton – Mill Street / Princess Street
A three acre site comprising a number of existing retail units fronting Mill Street at an upper level, together with other properties accessed from Princess Street. A planning application has been submitted to develop the site to provide a 58,200 ft² food store alongside six further retail units totaling 5,000 ft².
Wigan – Millgate
A 0.7 acre site which sits immediately next to a new 500 space multi storey car park and the recently developed Grand Arcade shopping centre. There are various proposals for the site including a residential tower and a mixed office/ budget hotel scheme.
At the remaining sites, the Company’s development plans are still at early stages but preferences center around food store developments where the opportunity exists.
Stockport – Brighton Road
An 11 acre site which currently accommodates approximately 100,000 ft²
Preston – Blackpool Road
Boston- Rosegarth Street
A retail unit on 2 acres in the town center
Glossop – Wren Nest Road
Newport – The Cambrian Centre
An existing shopping center of approximately 55,000 ft² in the city center
Mark Jackson has been appointed Managing Director, and Simon McCabe as a Board Director.
Mark Jackson, Managing Director, commented: “Launching a development company in today’s market is a bold move but a good move. SDG and our funding partners Investec are delighted to bring these projects forward at what we believe will prove to be an opportune time. We are a new and energetic company backed by great experience, and we are delighted to be one of the first companies to make a significant commitment to stepping back into development. The food store market is understandably proving to be one of the more robust in this recession, and is a great sector in which to be investing and in which to found our new business.”
Paul Stevens of Investec Private Bank commented: “We are delighted to be funding partners to the new Scarborough Development Group. This is a great opportunity for us to be involved at the initial stages of a new and exciting development company, run by a very experienced management team. There are just a handful of banks willing to provide funding on development sites in the current climate and we look forward to identifying further high quality lending opportunities in the coming months."
Source: Tavistock |
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