Goold Estates acquires Co-op store in Stourport-on-Severn
Property investment and development company, Goold Estates, has completed the acquisition of a Midcounties Co-operative store in the centre of Stourport.
The company has purchased a c.29,000 sq ft retail unit with adjoining car park on a prominent, 2.1-acre site cornering Tan Lane and Lombard Street.
Goold Estates is planning to remarket the property as Tannery Retail Park, following the closure of the existing Co-op outlet later this year.
The town centre property will be available to let in its entirety or as a multi-let retail and leisure scheme, with up to five individual units ranging in size from 1,300 – 29,000 sq ft.
The site was originally home to Stourport tannery, which was built in the early 1700s and was operational for more than 260 years. It was acquired by the Beakbane family in 1880 and later supplied sheepskin leather to the Worcester glove trade before its eventual closure in the 1960s due to fire damage.
Anthony Williams, director at Goold Estates, said that the acquisition would complement the company’s existing commercial property portfolio and was of personal significance being local to the area.
He said: “My father attended the primary school on Tan Lane and remembers both the Tannery and the devastating fire in 1964. I was disappointed to learn of the store’s closure but we are delighted to have acquired the site and will shortly be marketing the property to let as a whole or subdivided to provide a new multi-let retail park. I’m confident that the size of the units, together with the large car park, provides a unique opportunity to attract national retail, food or gym occupiers to Stourport town centre.”
Johnson Fellows acted on behalf of Midcounties Co-operative and has been retained by Goold Estates to market the property to let.
Chris Gaskell, partner and head of retail agency development at Johnson Fellows, said: “It was a pleasure to sell the site to Goold Estates who acquired the property with little fuss and to required timeframes. We very much look forward to working with Goold Estates on bringing this site to the occupier market.”
It is Goold Estates’ second acquisition from the Co-op, and follows the purchase of the 76,000 sq ft Masonry Trading Estate in Walsall, in 2020.