Crosby Town Centre To Benefit From Maghull's Investment Purchase
Maghull Developments Ltd, a division of the Liverpool based Maghull Group, has announced this week that it has completed the acquisition of a mixed use portfolio of land, commercial and residential properties in Crosby Town Centre.
Michael Hanlon, Managing Director of Maghull Developments said: "Maghull Developments are committed to the continued regeneration and sustainability of Crosby Town Centre and we have purchased this portfolio of properties as a part of our long-term investment strategy. We intend to actively manage the retail properties, refurbish the dilapidated residential stock which we will then sell on, and also develop a new retail scheme with either offices or apartments above on the development land situated opposite Sainsbury's Hopefully our investment will act as a catalyst for further investment and regeneration within the Town Centre which has unfortunately been left behind whilst other similar towns, such as Formby have prospered in recent years. "
Maghull have purchased the mixed use portfolio for £7.5million from the Isle of Man based property company, Portville Ltd., which is owned by Albert Gubay.
The portfolio of buildings includes Glenn Buildings 2-12 the retail parade opposite the Glenn Buildings, the site of the former premises of the Conservative Club Association Head Quarters, a number of residential properties on Moor Lane and finally the cleared development land situated on Allengate.
It is Maghull's intention to redevelop the Allengate site for retail and residential uses, actively manage the retail investment property and refurbish the residential properties, which are currently vacant and have fallen into serious disrepair.
This portfolio purchase follows on from the recently granted detailed planning approval for Maghull's proposals to redevelop the Central Buildings site which is also situated within Crosby Town Centre is another huge step forward in demonstrating Maghull's continued commitment to the regeneration of the area.
The £8million Central Buildings scheme will comprise 10,000sq ft of ground floor retail, 10 x two bedroom luxury apartments and 12,500sq ft of office space. Maghull are due to commence the demolition works this June and anticipate that the scheme will be completed in October 2007.
Maghull's development proposals will improve the retail offer, create new jobs for the local community and also enhance the vitality and viability of Crosby Town Centre. Major high street retailers such as Marks & Spencer Simply Food, Tesco Express, Argos, Home & Bargain and Specsavers have already expressed interest in the scheme.
Hill Dickinson and Christopher Dee acted for Maghull in respect of the investment purchase, the managing agents for the portfolio is Edmund Kirkby and the retail agents are Cheetham and Mortimer and Taylor and Co.
For further information contact
Mitch Poole, 07919 541 056
or Liz Yarnall 07810 373 995 @ Poole PR
Editors Note:
The Maghull Group have a mixed-use property portfolio valued at £100million and is undertaking various commercial and residential development schemes throughout the North West with an investment value in excess of £300million. Maghull Developments Ltd., a subsidiary company of the Maghull Group have a strong and proven track record in the sensitive restoration and refurbishment of Grade II listed buildings throughout the region and has recently been selected as preferred developer by Liverpool John Moores University on their Hope Street portfolio. The portfolio, which comprises of four historic properties in the Hope Street area, includes the Grade II listed former Liverpool Art College building at 68 Hope Street, once attended by John Lennon. The many projects within the Maghull Developments portfolio also include the refurbishment of Dale Street Mills, Piccadilly Basin, Manchester, with an end value of £40million, where they have already pre-sold 140 of the 201 apartments, and another mixed use scheme adjacent to Victoria Station ion Manchester City Centre. Other Maghull Development projects include a proposed £75million mixed-use scheme on Lord Street in Southport town centre, and also the development of the UK's first PGA Affiliated Golf Academy at Formby Golf and Country Club which is also owned by the Maghull Group. Other development schemes are in Macclesfield, Trafford, East Manchester and Liverpool.
