It was bought for its large land coverage and development, and asset management potential.
Since acquisition, the retail park has been comprehensively refurbished to include new frontages, carpark resurfacing and common parts.
We have created over 45,000 sq. ft. of new retail and leisure accommodation which has been prelet to M&S, Tapi, Maplin, Costa and Greggs as well as new lettings through asset management initiatives to DFS, Oak Furniture Land and Poundworld.
PURCHASE
Acquired in 2011 for £31.8m, projected end value £54m.
ACHIEVEMENTS
- Acquired investment at a competitive price in 2011.
- Secured Food Retail consent for 35,000 sq. ft. on surplus land.
- Redeveloped and redesigned the main car park to incorporate additional Retail Units which were let to Maplin, Costa and Greggs.
- Refurbishment of main frontages and car park completed in Q1 2016.
- Re-let large vacant unit to Oak Furniture Land.
- DFS letting completed for unit 10.
- Prelettings to M&S and Tapi for the new terrace with the remaining unit currently under offer to a national retailer.
- Planning consent relaxed to allow food and homewares/discount and variety retail.
- Retail Park fully refurbished and extensively redeveloped and now fully let.
