Jones Lang LaSalle - Mixed-Use Development - £35 Million Portfolio

Date: 01 Jul 2002

Greenport Estates (II) Ltd, a joint venture between Portfolio Holdings Ltd and GD Estates has appointed Jones Lang LaSalle as sole letting agent for a new major seafront project in Southport. With a projected end value of £35 million, the site is over 70% pre-let, and has detailed planning permission for 90,000 sq ft of open A1 retail accommodation, a hotel and 140,000 sq ft of leisure uses. The Scheme is scheduled to open by Christmas this year.

Attracting some of the biggest names in retail, fast food and leisure, the site is located next to Pleasureland, one of the UK’s busiest theme parks, and will be connected to Southport’s prime retail pitch of Lord Street by a new state of the art bridge. Southport pier, the second longest in the UK runs through the middle of the site and provides pedestrian and tram access to the centre of town just 5 minutes walk away. With names like Matalan, Poundstretcher, WEW, Famous Brunswick Warehouse and Brantano taking up retail units; and fast food giants McDonalds and Pizza Hut already confirmed for the two food units; this leaves only 23,000sq.ft of available retail space.

JJB has pre-let 42,000sq ft for a Health and Fitness club, and Spean Bridge Cinema’s are set to open a seven screen Cinema complex. Sole Leisure are introducing a 20 lane bowling alley, which will accommodate 26,000sq.ft. This will leave a final leisure area of 33,000sq.ft of vacant space, which has planning permission for bar, restaurant, nightclub and casino uses.

Dan Davies, Jones Lang LaSalle said: “The development of Ocean Plaza on Southport’s seafront will truly enhance the retail and leisure experience for both the local community and the 5 million annual visitors to the town. It forms an intrical part to the ongoing sea front investment plans of the local council. The commitment from major operators such as JJB and Matalan indicates the strength of Southport as a regional location”

Construction of the project has commenced and will be completed by the contractor Shepherd at the end of September for a Christmas opening. Lurie Waldouck introduced the site and has been retained together with Jones Lang LaSalle to sell the completed investment early next year.

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