We originated this retail park opportunity in 2011 and advised Schroders from acquisition onwards. The 125,000 sq ft retail park benefits from a variety of planning consents including food, open A1, bulky goods and A3. The park has 475 car parking spaces and is located to the north of the town centre, adjacent to an Asda supermarket and the town’s main railway station. The scheme has an affluent catchment and there are 3,000 new houses under construction in close proximity. At acquisition there were two vacant units, one of which was simultaneously let to Home Bargains at completion of the purchase. A change-of-use application was made to the second vacant unit, which facilitated a letting to the food operator Iceland.
Having improved and softened the tenant line up a lease to a local operator was surrendered to allow a letting to Poundland, increasing the rental tone of the park by approximately 30%.
Consent for two restaurant pods was obtained, and they have been constructed and let to Costa Coffee and Subway. This has seen an increase in customer numbers and dwell time with retailers reporting an increase in sales since they opened. Since acquisition the rental income has increased by 45%.