B1 North Arran Way (Historic Project)
A new scheme comprising 16,000 sq ft of office accommodation and eight retail units
Sigma Inpartnership Ltd, a subsidiary of Sigma Capital Group plc, is pleased to announce that it took handover of the completed 30,000 sq ft two storey office and retail parade at Smiths Wood Village Centre in March 2014 and has subsequently now gone on to complete the leases with the principal tenants, including Solihull Metropolitan Borough Council, Greggs and Spar and two local traders.
These five end users have now occupied the new parade built by Kier for Sigma Inpartnership with each individual tenant fitting-out their own premises to their own specifications. The new scheme comprises of 16,000 sq ft of office accommodation and eight retail units, with the remaining three small units attracting good local market attention for letting. For this development, Sigma was responsible for obtaining planning permission and securing the five key pre-lettings which generate 90% of the total rental income for the development. Sigma have also now concluded the sale of entire building to Dudley Taylor Properties Ltd and repaid the entire construction finance loan as provided by the Growing Places Fund.
The completion of this building constitutes the commercial phase of the new Smiths Wood Village Centre, with the earlier phases being the new Smiths Wood Primary school and road & public realm contract that were both development managed by Sigma Inpartnership on behalf of the North Solihull Partnership (NSP).
Sigma is one of the partners of the NSP and acts as development manager for the partnership overall. Under Sigma's stewardship the village centre will be further complemented by two phases of residential development, one by Bellways Homes and one by Home Group, both of which will conclude towards the end of the 2014.
The other partners of the NSP are Solihull Metropolitan Borough Council, Bellway Homes, West Mercia Housing Association. The NSP's remit is to coordinate and deliver the regeneration of an area of circa 1,000 acres in North Solihull. This project commenced in 2007 and has an anticipated 20 year life cycle to deliver new and replacement housing stock, ten new primary schools and five new village centres incorporating neighbourhood retail facilities with new medical and council facilities. Smith's Wood Village Centre is the first of these village centres and therefore this completion constitutes an important milestone, not only for Smiths Wood but for the development of the other village centres as a whole. Sigma's key role for the partnership is the provision of development management services, including strategic development planning, coordination and procurement of development works and general development management in return for agreed fees for these services. Thereafter there are specific sites which Sigma has the right to develop directly on a commercial basis and project site was the first that Sigma took the opportunity to deliver.