Developer sells retail park on main route into Wellingborough
Regeneration specialist St. Modwen has sold its Wellingborough retail park to Central England Co-operative.
The 3.5 acre former brownfield site in London Road, Wellingborough, which is opposite the Castlefields retail park, had been vacant for some time before St. Modwen’s Northern Home Counties region acquired it in October 2013.
Permission was granted in April 2014 for a 35,000 sq ft development to include a discount foodstore, drive-thru restaurant and four retail units.
Construction was completed in November 2015 with all units let or sold on a long lease.
Tenants include Lidl, McDonalds, Starbucks and Subway.
Rupert Wood, director for St. Modwen’s Northern Home Counties regional office, said: “We identified the site as having excellent development potential in a growth area in the heart of our region and are delighted we have successfully been able to deliver the retail park and create a thriving retail destination for Wellingborough.
“St. Modwen is very committed to further investment in the town, having earlier this year been appointed as Bovis Homes’ commercial development partner at Stanton Cross, where we will be delivering new retail, office and industrial buildings for the town.” Stanton Cross is a development being built to the east of Wellingborough train station.
It is a £900 million development bringing 3,750 new homes to the town and is set to create more than 3,000 jobs.
Work on new infrastructure, including new roads, to serve Stanton Cross is already under way, with planning applications for the early phases of the commercial development expected in the first half of 2017.
Local agent Prop-Search and national advisers JLL represented St. Modwen in the sale of the Wellingborough retail park.