At the point of purchase, the property had 2 vacant units and development land for an additional 17,500 sq. ft. of retail space.
A new planning application secured consent for a further extension to the retail terrace, comprising a gym and retail unit. Further to which we let the existing vacant unit to Watt Brothers for a department store and prelet the new gym to Pure Gym and new retail unit to Poundworld. The coffee pod was let to Costa. Various other asset management opportunities are currently being explored.
PURCHASE
The property was acquired for £14.35m and has a current value in the order of £20m.
ACHIEVEMENTS
- Acquisition of asset below market value.
- Planning Consent granted for the relaxation for the planning consent for open class 1.
- Units 5 and 6 let to Watt Brothers.
- Development of new 1,800 sq. ft. Costa retail kiosk, completed May 2015.
- Development of new extension to retail terrace, comprising 2 x 8,000 sq. ft. units, completed January 2016.
- Units let to Costa, Pure Gym and Poundworld. Now fully occupied.
