We here at TCN like to think BIG! So when the opportunity came to redevelop a 5 acre square site in the heart of Rotherham, we leapt at the chance to embark on a joint venture with the local council to move a first generation Tesco store into this vast, convenient space positively brimming with potential.
Tesco were quick to see the opportunity on offer too and agreed a 30 year lease, enabling us to engineer a major redevelopment of the site. Along with the new store, the development included wider regeneration works such as new road junctions, streetscapes and a smart, pedestrian-focused approach.
Following our investment of £29 million, the project was forward sold for £37.5 million. With the overall profit exceeding £4 million, this reflected a profit on cost of 15%. TCN managed the development throughout the process, including land acquisition, project design, planning, pre-lettings, development and sale.