A new Lidl store has opened its doors today (June 30) following a multi-million-pound redevelopment of a West Midlands site by property developer and investor Woodbourne Group.
Around 40 jobs have been created by the £6 million transformation of the former Arrow Valley Health Club site at Battens Drive, Redditch.
Birmingham-based Woodbourne Group acquired a two-storey, 21,000 sq ft gym on a 1.70-acre site. An agreement was later signed with Lidl UK GmbH to develop a retail store on a 25-year lease.
Woodbourne Group chief executive Tani Dulay said: “It is fantastic to see the new Lidl store open its doors to the public. The development has transformed the landscape and provided investment into the local economy, giving Redditch access to the convenience and good value associated with the Lidl brand.”
He added: “It was our vision to redevelop the site when we acquired it as a distressed asset and we are grateful for all the support we have received from the local authority and the community.
“Seeing that vision develop into what is a wonderful new addition for Redditch shoppers is very satisfying and we would like to wish Lidl huge success with its new store.”
Woodbourne Group acquired the long-leasehold interest of the site unconditionally, without borrowing, and completed within five working days from exchange of contracts.
Skilful acquisition was then required for the sublease and freehold interest, allowing development without any legal impediment. This demanded a deep understanding of practical needs and concerns of a site fraught with risk.
An active asset management strategy was applied, and a detailed design and urban analysis on the proposed redevelopment options undertaken. The site generated significant interest from a range of potential end users including a car dealership, discount food, petrol filling station, hotel, pub, fast food and drive-thru.