OUR CASE STUDIES

RETAIL & LEISURE
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CHARTER WALK SHOPPING CENTRE, BURNLEY

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Charter Walk Shopping Centre comprises of 250,000 sq ft of retail accommodation and was acquired in partnership with Tristan Capital Partners.

At the time of purchase the centre was under threat from plans for a new competing centre next to Charter Walk. That scheme was close to securing a number of the better fashion retailers from our centre.

We worked quickly to design a redevelopment of part of the Market Square to provide the modern retail accommodation. This allowed us to retain JD Sports, River Island and Peacocks, whilst securing a new letting to The Entertainer. Plans for the competing scheme next door were then withdrawn.

Proactive management and investment has facilitated the letting of a 25,000 sq ft store to Next, when TJ Hughes failed and recently we have signed a pre-let with Primark for a 45,000 sq ft new store on a 15 year lease. To deliver this letting we relocated Wilko to a new 12,000 sq ft store and signed Poundland to a new 4,000 sq ft unit.

QUEENS ARCADE, CARDIFF

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Queens Arcade, Cardiff was acquired as part of a portfolio. We have repositioned the centre by re-engineering the tenant mix in the centre.

In the Working Street mall, we have combined a number of smaller units to appeal to discount and value retailers such as That’s Entertainment, Shaw’s Drapers and Perfect Home and we have recently secured a consent for a new food court.

On the Queen Street mall, we have attracted new retailers such as The Entertainer, Skechers and Tim Horton, that are seeking capital city representation at a fraction of the costs of St Davids 2.

FORMER M&S PREMISES - THE HARVEY SHOPPING CENTRE, HARLOW

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60,000 sq ft standalone retail store located at the main entrance to the Harvey Centre acquired from Marks & Spencer plc.

When M & S decided to close its store in the town, it could have had a serious impact upon trading at the Harvey Centre. We purchased the long leasehold interest which had not had any investment for many years and did not make a positive contribution to the Harvey Centre.

We refurbished the unit, re-clad the exterior and added feature windows at the first and second floor level. The store was divided into nine units and let to tenants including, Peacocks, F Hinds, Xercise4less, Holland & Barrett, Starbucks and Nationwide Building Society.

UNION SQUARE SHOPPING CENTRE, UNION STREET, TORQUAY

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Freehold asset of around 117,000 sq ft of retail floorspace.

We have undertaken a refurbishment of the shopping centre; and rebranded the scheme, replacing dated signage with new a contemporary look.

We secured the anchor tenant Wilko on a new 7 year re-geared lease, encouraging other national retailers like Peacocks, Savers and F Hinds to renew their leases. We also amalgamated small empty units to provide new modern retail units and completed new lettings to The Entertainer, Poundworld, Greggs and a host of lease renewals to national retailers. The shopping centre now has only one vacant unit and footfall continues to grow year on year.

CUMBERLAND HOUSE, 195-200 BROAD STREET, BIRMINGHAM CITY CENTRE

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Cumberland House is a leisure and car park investment with a Hilton hotel above (sold off on long lease) and comprising 35,000 sq ft of restaurants and a nightclub. We refurbished the 200 space car park and signed a new lease on both levels with Hampton for Hilton Hotel.

We stripped the former nightclub back to shell, redecorated the façade and secured a new letting to The Burning Night Group for their Bierkeller, Shooters Sports Bar and Around the World Bar and Lounge concept.

Execution of the business plan increased total passing rent by £300,000 pax.

Cumberland House was sold in Spring 2017 for £5.4 million reflecting an initial yield of 7.39%.

CINEWORLD, THE HARVEY SHOPPING CENTRE, HARLOW

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The Harvey Centre comprises circa 300,000 sq ft of retail floorspace which is anchored by Tesco, Primark and Wilkinson.

Addington has led the refurbishment of the dated 1980’s shopping centre to create a modern retail environment and combining units to make them more attractive to modern retailers. We have completed lettings with retailers such as HMV, Deichmann Shoes, F Hinds, Perfume Shop, Choice Fashions, Blue Inc and Starbucks.

We redeveloped the first floor into a cinema with restaurants. This involved undertaking a detailed feasibility study and viability, before drawing up a scheme and obtaining planning. We completed the relocation of a number of existing retailers and pre-let a 6 screen cinema to Cineworld.

Our initiatives have increased the foot fall at the shopping centre by over 10% year on year and it is now over 95% let.

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