Spenhill managing director Philip Coles is leaving the development arm of supermarket giant Tesco to set up his own property development company.
Coles Developments, which starts trading on 1 January 2011, will focus on in and out of town retail development. It will specialise in food store development, in particular convenience stores, as well as distribution warehousing to support online retailing.
The development company will work with Tesco as well as other rival retailers.
Coles, who has worked in Tesco’s property team for 20 years, is currently in talks with various parties that are interested in financially backing the company, and is entertaining potential joint ventures.
Coles has worked for Tesco regeneration subsidiary Spenhill for the last three years. Prior to that, the majority of his career with Tesco was spent acquiring and developing food stores and large scale developments for the supermarket chain.
Coles said: “I feel that I have taken mixed use development projects and Spenhill as far as I can in difficult market conditions. Given the state of the economy and that we’re coming out of recession we hope, it’s an ideal time to start a new venture.”
“I am leaving Tesco on good terms and I’m fully networked into the Tesco property team. However, I will not work exclusively with Tesco.”
annabel.dixon@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
