Cromwell Property Group, the global real estate investment manager, has started work on a new 7,000 sq m Next store at its Marsh Mills Gateway retail park in Plymouth.
Located on a brownfield site adjacent to the regionally dominant Marsh Mills retail park on the A38 Devon Expressway, the development was pre-let to Next in December 2016 and will be the latest of its new ‘Home’ format stores that combines fashion, furniture, homewares, garden centre and a café. A number of similar stores have been developed in High Wycombe, Hedge End, Hull and Handforth Dean.
Commenting on the development, Simon Marriott, Head of Investment & UK Real Estate at Cromwell Property Group, said: “We have been working hand in hand with Next on the design and planning consent for this development. Next’s Home concept stores call for a very high build quality and a specification that is tailored to each location. We are very pleased that together we are now able to proceed within the agreed planning and financial parameters, which include an obligation for Next to continue trading within their city centre store at Drake Circus for at least 10 years.”
This major economic development opportunity, which will lever significant investment into Plymouth, is being forward funded by Plymouth City Council, reflecting a net initial yield of 5%.
The development is a positive example of a public / private partnership to bring a redundant site back into beneficial use. The project will provide employment on the site for the first time in over ten years, creating approximately 150 retail jobs and training opportunities along with construction jobs during the build period and over £300,000 in business rates income a year.
Hartnell Taylor Cook advised Cromwell Property Group.
