28 East Retail Park
Background
Quadrant were appointed to replace the previous asset manager in 2020 and immediately embarked on a turnaround plan for the scheme which included overseeing all aspects of the asset’s business plan, including leasing, tenant retention, redevelopment appraisal, planning strategy and income optimisation. Quadrant’s approach has focused on protecting income, reducing vacancy and identifying opportunities to enhance the park’s long-term relevance within the regional retail hierarchy. This has included detailed analysis of occupier demand, active management of lease events, evaluation of redevelopment opportunities and engagement with planning authorities to unlock alternative uses and drive value creation.
Asset Management Initiatives
- Obtained the relevant planning permission in a bulky goods park enabling us to reconfigure two vacant units in the middle of the main terrace to create a c22,000 sq.ft. unit pre-let to Aldi with an anticipated opening date in October 2026
- Completed on a reversionary lease with B&M, 5 years ahead of their expiry, committing them to the retail park for a total of 10 years at completion
- Completed on an early regear with The Range committing them to the retail park for a further 15 years from completion
- Completed on various renewals and variations with the likes of Halfords, Connect Flooring and Food Warehouse
What We Did
The project demonstrates Quadrant’s expertise in repositioning large-format retail assets through hands-on asset management, strategic leasing and development-led thinking.
- Newport
- Location
- 241,000
- sq ft
- Asset Management
- Deal type
- Tristan Capital
- Capital Partner
- Past
- Status
Meet the team who worked on the 28 East Retail Park project
Richard is a highly experienced retail specialist with a primary focus on retail parks, leisure assets, and the development of leasing and occupier relationships. With over 10 years of experience at Ellandi, Richard initially served as Head of Occupier Relations before advancing to a Director position. Prior to Ellandi, he spent four years at Landsec, gaining extensive expertise across various regions and legal jurisdictions within the UK and Republic of Ireland.
Throughout his career, Richard has successfully managed up to 2 million square feet of retail space, developing strong relationships with UK occupiers and negotiating portfolio-wide deals. He has also worked closely with investment teams to identify and source new opportunities, contributing to the sale of approximately £700 million of assets in his final 15 months at Landsec. Richard’s deep understanding of the retail sector and his ability to drive strategic growth make him a key asset in managing and expanding retail and leisure properties.