SOLIHULL Council has acquired ownership of the Mell Square holding company, which includes the ground lease interests and freeholds of a number of key commercial town centre properties.
The move will allow the council to continue to play an active role, with partners, in shaping the future of the town centre and deliver on a key aspect of its new Town Centre Masterplan.
Following indications from IM Properties that they wished to dispose of their Mell Square retail interest, early negotiations were entered into with the council to ensure the future long-term prosperity of an asset they had shown considerable commitment to over the years.
The acquisition sees the council add to its land holdings in the area, taking control of the entire strategically important Mell Square site as well as the company which operates the popular shopping location.
The terms agreed will see ownership of IM Properties’ existing portfolio of tenants and occupiers transferred to the council.
Published in November 2020, Solihull’s Town Centre Masterplan sees Mell Square as a key development site.
It outlines a number of development opportunities at Mell Square to boost the current retail offer by bringing in an increased residential aspect and a more varied leisure offer.
“Solihull town centre benefits from a proven track record of attracting high quality occupiers and investment, supporting a strong retail and residential market,” said a council spokesperson.
“The council is determined to support the town centre by being an active partner in its future.”
All Mell Square leaseholders will continue operating under their current terms and the current asset management team will be kept in place to ensure consistency throughout the transition.