Great Eastern Retail Park
Background
Quadrant were appointed to replace the previous asset manager in April 2020 as the scheme had suffered from substantial vacancy, declining value and WAULT and embarked on a turnaround plan for the scheme overseeing all aspects of the asset’s business plan.
Asset Management Initiatives
Quadrant’s approach has focused on protecting income and reducing vacancy against the backdrop of its proximity to a more dominant retail park whilst using its in-depth retailer knowledge to identify opportunities within the scheme.
This included active management of lease events and close engagement with both occupiers to better understand their requirements and planning authorities to deliver opportunities that meet current occupiers needs whilst attracting new ones into the scheme.
- Reduced the vacancy in the park by relocating tenants, including Jysk and Bensons, into right sized units, securing both their future in the retail park whilst enabling us to amalgamate several units to create a new 20,000 sq. ft. anchor pre-let to B&Q for their new store format.
- Took a pro-active approach in securing existing tenants such as B&M at renewal to maintain its occupancy, stabilise the assets income and improve the schemes WAULT
- Sold off a redundant parcel of land at the rear of the scheme for alternative use which had no intrinsic value to the park and a cash consideration
What We Did
The project demonstrates Quadrant’s expertise in stabilising and turning around a struggling retail park through hands-on asset management, capitalising on our occupier relations and development led thinking. This led to a successful sale of the asset once fully let in 2026.
- 176,667
- sq ft
- AM
- Deal type
- Tristan Capital Partners
- Capital Partner
- Rotherham, South Yorkshire
- Location
- Past
- Status
Meet the team who worked on the Great Eastern 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.