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HMG has announced that it has entered into a joint venture agreement with leading property developer, Terrace Hill Group.
The Longfield Shopping Centre is a 1960’s precinct which has long been identified as having retail led redevelopment potential given its location in the heart of Prestwich. HMG recently secured a planning consent for a comprehensive mixed use redevelopment and the joint venture envisages that Terrace Hill will lead this process forward.
Andy Lavin of Terrace Hill comments "this is an exciting and high profile town centre regeneration scheme. From here and in partnership with HMG we intend to engage closely with Bury Borough Council and the people of Prestwich to develop a scheme which we believe will be a credit to the area".
Nick Casson, Chief Executive at HMG comments "we have owned the Longfield Shopping Centre for a number of years now and have put a lot of effort into its potential redevelopment including securing the current planning consent. Working closely with a developer of national standing who has finely tuned specialised skills and expertise will enable a redevelopment to occur sooner rather than later".
HMG was represented by Savills, Terrace Hill by Christopher Dee