Watling Real Estate has brokered the sale of part of the 100,000 sq ft Cavendish Walk shopping centre in Huyton in Merseyside to Knowsley Council.
The acquisition, for an undisclosed sum, amounts to approximately one third of the scheme and forms part of Knowsley Council’s masterplan for Huyton village centre in conjunction with appointed development partner Genr8 Kajima Regeneration.
Director Chris Walker and managing director Andrew Foster of Watling Real Estate were appointed Law of Property Act (LPA) Receivers.
Chris Walker said: “Knowsley Council has an ambitious ten year development plan for Huyton village centre and the sale of this part of Cavendish Walk is an important piece of the jigsaw.
“We were pleased to come to an off-market agreement with Knowsley Council that enables it to take a step further along the road toward delivery its strategic vision for the village centre.”
The plan includes a new mixed-use commercial district which could include a hotel, office space anchored by the Local Authority, co-working centres and residential accommodation. It is estimated the proposed redevelopment could up to 1,700 new jobs and inject a £50 million annual spending boost into the local economy.
Knowsley Council’s in-house legal team acted for the buyer and Managing Associate Natalie Bromley of law firm Addleshaw Goddard’s Manchester office advised the Receivers.