Gallagher Shopping Park, Wednesbury
Originated and acquired the three separate ownerships of Gallagher Shopping Park in 2014 in a JV with KKR.
The Shopping Park is in a regionally dominant location adjacent to Junction 9 of the M6 motorway and an IKEA.
The scheme has a catchment population of 2.8 million people within a 30 minute drivetime.
The asset comprises 230,000 sq ft of retail warehouse and ancillary restaurant accommodation. The park already has a strong mix of high-profile tenants including Next, TK Maxx, Outfit, Mamas and Papas, Boots, Furniture Village, SCS, Harveys, Currys, PC World, Burger King and Pizza Hut.
The asset management strategy focused on diversifying the retail fascias and adding additional brands to complement the strong existing line up.
This was facilitated by relocating and downsizing the Currys and PC World stores to release space for new tenants including M&S Simply Food, Oak Furniture Land, Sofology and Tapi.
Planning was secured for 33,000 sq ft of new space (including a flagship DFS) and 49,000 sq ft of reconfigured space.
Achieved a 100% planning success rate from 8 applications. Created an additional £1.96m of NOI during the hold period.
KKR exited the park in July 2018 and Quadrant have been retained by the purchaser, Hana Financial Investments, to continue as operating partner.
230,000 sq ft
under Quadrant management