Nurton Developments is shopping around for a hat-trick as it completes two deals with Sainsbury’s Locals in Birmingham and Wolverhampton.
The latest, at its city centre Cannon House scheme in Priory Queensway, is for a 3,650 sq ft store on a 15 year lease with 10 year lease break. It will add to the retail element of Nurton’s mixed-use scheme, which includes the adjoining Two Colmore Square development.
The Wolverhampton Sainsbury’s Local has been delivered on the site of the former Quarter House pub on the Compton Road. The 4,000 sq ft store was prelet to Sainsbury?s and Vets 4 Pets and built by Nurton, again on a 15 year lease with 10 year break period.
Having pre-sold the investment in Wolverhampton, Nurton Developments is keen to find further sites, which can be turned around for retail use.
Rupert Young, development director at Nurton said: “Whilst the main core of our business is asset management and strategic land, the common thread in all of our deals is the ability to spot an opportunity and build value.”
“The Compton Road site was essentially derelict and ripe for a change of use. By turning a former pub into a small retail complex we helped create new employment opportunities locally with a Sainsbury’s Local and Vets4Pets alongside. Cannon House offered an existing retail space in a prime city centre location where we took a lease surrender from Mills News and let their former unit and another vacant unit to Sainsbury’s.”
“We have gained retail experience and contacts through our mixed-use schemes and so it makes sense to utilise these skills to create further business opportunities. We are now actively seeking further sites.”