An asset management business has made a multimillion-pound investment to acquire phase one of Handforth Dean Shopping Park in Cheshire.
Aviva Investors has bought the entire phase one scheme in Handforth comprising a Next retail store, a conservatory, a garden centre, a coffee shop and associated car parking, which opened to the public in November 2016, from Consolidated Property Group (CPG).
A planning application to convert the garden centre into further retail space is due to be considered by Cheshire East Council's strategic planning board on 24 May 2017. Proposals for phases two and three of the Handforth Dean Shopping Park development are also due to go before councillors at the same meeting.
CPG group managing director Martin Ridgway said: "This multimillion-pound investment by Aviva Investors is a very significant vote of confidence in the Handforth Dean Shopping Park and, importantly, the wider area. It demonstrates the potential the city institutions place on the scheme and its financial viability.
"Obviously the second and third phases have yet to receive planning permission but if they do I would envisage these phases being of similar interest to investors. The final scheme will involve approximately 25 retail units and create about 950 jobs so any such investment is really a vote of confidence in the creation of jobs and the park's future performance."
Earlier this month, CPG outlined its vision for a £160m regeneration scheme that could provide a "massive boost" for Cheshire East's economy and employment in the region.
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