St Modwen Properties today announced it had sold its 118,000 sq ft Wembley Central Shopping Centre along with the 86 bed Travel lodge to an unnamed buyer at an undisclosed price.
The company also sold its Longbridge Shopping Park and together the sales represented 27% of their retail portfolio.
The sale occurs at a time of retail sales decline as a result of the current ecnomic situation and consumers' switch to on-line sales.
Major companies shedding retail property raises questions about Brent Council's strategy of creating a retail corridor from Wembley High Road to the LDO at Wembley Park. Brent planners often stipulate retail units on the ground floor of new medium and high rise developments. The new build on the High Road frontage of the old Copland High School is expected to include retail LINK.
In Wembley Park, the site of the current Stadium Retail Park that include Currys and McDonalds is ear-marked for redevelopment. LINK
Clearly the buyers of Wembley Central Square must see some prospect of an adequate return on their investment but it will be worth keeping a wary eye on the pattern of development in the future.
Should building homes instead.
ReplyDeletePlease no more homes. A lot of the new builds are empty, fill them up first! The infrastructure cannot cope.
ReplyDelete