Turner Rise Retail Park
Background
Identified, underwrote and advised Schroders on the acquisition of a prime SE retail park.
Asset Management Initiatives
At the time of acquisition, the park had two vacant units.
One was let to Home Bargains at completion of the purchase. A change-of-use application was made to the second unit, which facilitated a letting to the food operator Iceland.
The car park also provided sufficient space to unlock value from creation of two restaurant units let to Costa Coffee and Subway which further increased customer dwell time.
Having improved the tenant line up, a lease to a local operator was surrendered to allow a letting to Poundland, increasing the rental tone of the park by approximately 30%.
What We Did
Since acquisition the rental income has increased by 45%.
- 125,000
- sq ft
- Colchester
- Location
- Schroders
- Capital Partners
- Past
- Status
Meet the team who worked on the Turner Rise project
Christopher specialises in retail and mixed-use sectors and has worked in the retail park, shopping centre, and leisure markets since 1987. Christopher started his real estate career at Capital & Counties in retail asset management, followed by Matthews & Goodman in investment and development with a focus on retail parks. Since founding Quadrant with Tristam Gethin in 1997, he works with a variety of investors, including UK REITs, institutions and landowners, private equity and overseas investors and has developed over 2.5 million sq ft in the UK. Christopher has been responsible for the origination and acquisition of projects with a combined GAV of over £1.5 billion since founding the company.