Client: The Crown Estate
Wilkinson Williams originally acquired this retail park on behalf of The Crown Estate from a private client of HSBC in September 2010. At the time of the purchase, there was a vacant unit on the retail park and the planning consent was subject to various restrictions.
Wilkinson Williams advised on providing an asset management strategy and, working with planning consultants, sought to utilise the very large area occupied by McDonald’s at the front of the scheme, as well as working with planning consultants to widen the existing planning consent to introduce new “softer” retailers. In addition, the large Halfords with a lease expiry at the end of the terrace offered an opportunity for further development.
All of the strategies have been accomplished and completed. The scheme has been transformed, with a significant increase in income stream, capital value and better tenant mix. The McDonald’s unit at the front of the scheme was relocated freeing up land which was then built upon to provide a new units for Frankie & Benny’s, Costa Coffee, Greggs, Carphone Warehouse and Subway.
Halfords were also relocated into a new unit of 7,500 sq ft, which is their optimum size, releasing land which was then developed upon to provide 2 new units for TK Maxx and M&S Simply Food. Both of these last units opened in February 2015 and are trading well ahead of expectation.
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