Snipe Retail Park
Background
Quadrant advised CBRE IM on the purchase of Snipe Retail Park in December 2024 for £62 million from Orchard Street and have been retained by them as Leasing and Development Manager.
Asset Management Initiatives
- Completed reversionary leases with both anchors B&Q and Next, extending their leases by a further 10 years and 5 years respectively whilst growing rents
- Completed on a new letting with Bensons for Beds on the former Carpet Right unit and setting a new higher rental tone for the scheme.
Other initiatives we are currently working on include:
- Continuing to grow the existing tenants’ rents at renewal
- Improving the tenant mix by repurposing and reletting the units located at the front of the scheme adjacent to Manchester Road
- Improving the schemes F&B provision by developing further drive thru pods
What We Did
By taking a proactive approach to asset management, we have secured key tenants and set a new tone which is c30% higher than some of the existing passing rents on the scheme
- 245,000
- Size
- Aston-Under-Lyme
- Location
- CBRE Investment Management
- Capital Partner
- Current
- Status
Meet the team
Meet the team who worked on the Snipe 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.