Freeths advises Wain Estates on sale of affluent Manchester shopping precinct

National law firm Freeths has advised Wain Estates on the sale of the retail-led Bramhall Village Square in south Manchester to international property management company Sheet Anchor Commercial Property Ltd.

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 in the West Midlands, 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.

Leading the Freeths team on this deal was Real Estate Partner Stephen Lewis. He was supported by Director Ciara Sweeney and Managing Associate Laura Owens.

Reflecting on the deal, Stephen Lewis said: “We are delighted to close our first major deal for Wain Estates. It has been a pleasure dealing with their 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”.

Wain Estates property director Paul Wrigglesworth continued: “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.”

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.”