Bescot Retail Park
Background
Tristan Capital Partners appointed Quadrant to replace the previous asset manager in April 2020, as the scheme had suffered from substantial vacancy, declining value, and WAULT.
Asset Management Initiatives
- Agreed a renewal with Matalan which secured them for a further 10 years from expiry
- In 2021 we completed on lease renewals with Pets at Home and Halfords, securing them for a further 5 years during the pandemic
- Completed on a new letting to Acorns at a level which will lead to further rental growth in the scheme
- Completed on a renewal with Poundland at expiry in 2026 securing them for a further 5 years
Current initiatives include:
- Securing existing tenants at expiry and continuing to grow the rents across the scheme at renewal
- Working towards exchanging on a new letting with a national operator to take a 45,000 sq. ft. anchor unit which was previously let to JTF and has been a long-term void since they fell into administration
- In negotiations to build a new drive thru pod in the scheme pre-let to a national coffee operator
What We Did
Taken steps to secure the existing tenants against a difficult backdrop whilst also attracting new tenants to create the conditions for rental growth. Reletting the former JTF unit will create a new anchor for the scheme and will enable us to reorientate the scheme by improving the tenant mix and growing rents.
- 142,500
- sq ft
- Walsall
- Location
- Tristan Capital
- Capital Partners
- Current
- Status
Meet the team who worked on the Bescot 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.