The scheme comprised 140,000 sq ft, car parking and 40 stores. Developed by MAB base don Holland, it was their first project in the UK.

The asset was a failing 2 level 170,000 sq ft shopping centre with 22% vacancy and imminent lease expiries on most income. We had identified and prepared a turnaround strategy before bidding.

Following the purchase, we worked with core occupiers to create:

• A new flagship store for Boots – (their largest floorplate in the world)
• New gym and leisure use
• Service charge halved, income up, WAULT up
• Bought for £13.4m; sold 2.5yrs later for £38.5m. Circa 40% ungeared IRR achieved

Aim:

To convert a failing 2 level shopping centre into a successful mixed-use asset, and thereby achieving a value-add return.

Achievement:

Successfully reconfigured and re-let the asset, winning BCSC Gold Award, then selling the asset achieving a 40% ungeared IRR.