Hersham Green Shopping Centre

Background

A suburban neighbourhood mall anchored by Waitrose dating to the 1980’s located in central Hersham, Surrey, with the potential for reconfiguration to provide essential retail plus circa 110 residential units.

Acquired in a joint venture with Centrica Pension Fund, managed by La Salle Investment Management.

Asset Management Initiatives

The site was allocated in the Local Plan for up to 300 residential units. In response we designed a scheme to reconfigure the retail units and car park to provide 109 senior Living Units to satisfy local demand.Following extensive consultation, we submitted a detailed planning application for the reconfiguration of the centre and construction of the residential units.

Simultaneously an active asset management strategy was implemented to secure vacant possession of the units to implement the scheme.

What We Did

Despite the planning allocation and support from the Planning Officers the application was refused by Commitee. However, we subsequently agreed a sale of the site in its entirety to Waitrose who were keen to protect their long-term future in one of their top performing stores.