Lawyers advise Wain Estates on sale of shopping village
They were advised by national law firm Freeths on the sale, led by real estate partner Stephen Lewis (pictured), supported by director Ciara Sweeney and managing associate Laura Owens.
The asset will be managed by LCP group part of M Core which is one of the UK's leading, privately-owned commercial property investment and management companies, headquartered in Kingswinford, with offices in London, Bristol and Glasgow as well as operations in Romania and Poland.
Wain Estates acquired the Village Square in 2011, re-positioning the asset through investment into customer facing areas, including installing a children’s play area and hosting a series of community-led events throughout the year.
During this time the Square achieved high occupancy rates and attracted new businesses including Trek Bikes, Cash Access Banking Hub and Anytime Fitness.
Wain Estates property director Paul Wrigglesworth said: “The Village Square is a hugely popular centre in the heart of Bramhall village.
“However, by selling now, it allows us to concentrate on Wain’s core business of strategic land development and properties with value-add potential. We are pleased to hand over the reins to a respected operator like LCP.”
Stephen Lewis said: “It has been a pleasure dealing with the Wain Estates’ team, who were quick to deal with matters and provided clear instructions when required. This enabled us to meet the tight deadline set down in the Heads of Terms and agree this major deal.”
CBRE advised the vendor and Jonathan Phillips of Metis Real Estate acted on behalf of the purchaser.
Robert Woods of CBRE added: “We are delighted to have acquired and now sold this multi-let asset on behalf of Wain Estates.”
