MAJOR REGENERATION PROJECT - FISHER STREET, DUDLEY
Innes England worked with the Co-operative Group and Dudley Metropolitan Borough Council on a deal to release the company from a long-term lease on a building that will form part of the town’s planned new bus station.
The 23,353 sq.ft former food store on Fisher Street, in the heart of Dudley, in the West Midlands, was part of the Co-op Group’s leasehold portfolio, although it has not traded in the store for ten years.
In 2017 Innes England’s property asset management team became aware that plans were being drafted for the redevelopment of the town’s bus station.
The £24 million Dudley Interchange project, part of the wider £1 billion redevelopment activity in the town, meant that it was beneficial for both parties if an arrangement could be reached whereby the council released Co-op from its leasehold contract.
By starting negotiations early and liaising with both parties throughout, Innes England was able to deliver a deal which facilitates the redevelopment of the site for the community.
Matt Howson, director at Innes England, said: “Having acted on behalf of the Co-op Group for a number of years, we work to reduce any costs they may incur within their non-trading portfolio.
“Our proactive approach coupled with our in-depth understanding of the local area and awareness of upcoming developments, meant we were able to speak to the council as soon as the redevelopment of Dudley Bus Station was being discussed. This was a very complex deal and I am thoroughly delighted to see it completed.
“We have had a good property asset management presence in the West Midlands for several years. The opening of our Birmingham office this year further emphasises our local knowledge and expertise which will only be positive for current and future clients.”
Richard White, Estates Manager at the Co-op Group, said: “We are pleased to work with Innes England and Dudley Council, and delighted that an arrangement could be reached which will bring a vacant space back into use and support the council with its plans for the redevelopment of the town’s bus station for the benefit of the community.”