Hat trick for Hortons
Hortons’ Estate, the property company based in Birmingham, has acquired the former 0.9-acre Co-op Dairy site on the Hagley Road, Birmingham. This latest acquisition completes an investment hat trick for the company, which has invested over £10m in the last three months.
The purchase was made in collaboration with Trebor Developments.
The two businesses plan to develop four retail units and have announced lettings of the first two units to Co-operative Group and American Golf Discount Centre both on 15-year leases. The companies have taken 4,000 sq ft and 5,000 sq ft respectively.
Planning consent for the site was obtained in August 2008 for the development of retail units extending to a total of 18,000 sq ft, with units from 4,000 sq ft. Demolition and site remediation was completed in 2009.
Richard Norgrove, property director of Hortons’ Estate said: “This exciting development marks the opportunity to work with Trebor for the first time. However, in spite of the challenging market conditions and the fact that we have invested over £10m in the last three months, we still have the funds available to invest, as and when further opportunities arise.”
The £4m development will begin on site in October 2010 for completion in May 2011.
Bartlett Property and Savills Birmingham offices are currently marketing the remaining units.
