IM Properties is working up major redevelopment plans for Solihull’s Mell Square after it bought the scheme from Aviva.
Lord Bob Edmiston’s IM Properties group has paid £44m for the 630,000 sq ft 1960s built shopping mall – a circa 7.5% yield – which accounts for around half of the West Midlands town’s centre.
The firm plans to redevelop the scheme to include further shops – including fashion, family and value retailers, leisure and public spaces, as well as adding further homes. Mell Square now comprises 87 shops and 57 flats.
IM Properties is looking to develop more of a night time leisure economy for the town and is hoping to attract names such as Carluccio’s and Jamie’s Italian to the newly developed scheme, which it hopes to complete within the next five to 10 years.
Tim Wooldridge, managing director of IM Properties said: “This had to stand up as an investment deal in its own right for us. It’s a long-term project and there’s a lot of work to be done. We’re looking at increasing density levels not outwards, but upwards. We want anchor retailers and more leisure.”
The scheme was built by Aviva in 1967 and anchor tenants include Marks & Spencer, Sainsbury’s, Boots, Argos and TK Maxx. However, it is now in need of updating and asset management.
IM will need to work closely on the proposals with Solihull council, which owns a long leasehold over the area.
The firm has a £500m portfolio with a further £300m under management and is headed up by motor trade entrepreneur and philanthropist Lord Edmiston.
Cushman & Wakefield and BWD are lettings agents, while Jones Lang LaSalle is managing agent.
Lisa.pilkington@estatesgazette.com
