GCW has acted for St Modwen on the sale of Wythenshawe Town Centre. The asset was sold to Manchester City Council for £11.85 million. The local authority has acquired the successful community centre to consolidate its land ownership and support its long-term regeneration plans.
St Modwen, now part of Blackrock Group, has a long-standing relationship with GCW, exploiting its Town Centre expertise to maximise asset value. The sale of its 350,000 sq ft civic centre has now unlocked an opportunity for large- scale redevelopment.
Wythenshawe Town Centre will provide the local authority with a valuable income stream. In the longer term, the strategic acquisition will form an integral part of a new regeneration project that will deliver around 1,000 new homes, cultural and employment space. Wythenshawe is Manchester’s largest district and its proximity to Manchester Airport means that it is ideally placed to secure future economic growth.
St Modwen has shifted its strategy to focus on logistics and housing development and GCW’s support in the disposal has helped its client reposition its portfolio. That wider strategic review began with the sale of London shopping centre Edmonton Green and the Wythenshawe sale is testament to the value of GCW’s ongoing consultancy support.