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Acquired in a JV with KKR along with two other assets, known as the Tuscany Portfolio  

The property comprises a site of 10.8 acres purchased as a purpose-built DIY warehouse of 104,000 sq ft plus a further 20,000 sq ft of ancillary retail accommodation in the garden centre and builders’ yard as well as 568 car parking spaces.

Explore the development of Templars Shopping Park in Oxford, a premier retail destination that has undergone significant transformation since its acquisition in 2013.

At the time of Quadrant’s appointment, the park had two vacant units and the opportunity to improve rental tone across the scheme. The car park also provided sufficient space to unlock value from creation of A3 pods to further increase dwell time.

Of the 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.

Since Quadrant’s appointment as asset managers, the lease renewal with DSG has been negotiated and completed (a new 10 year lease with a break in the 5th year) at a rent of £14 psf. The deal included an alteration to Starbucks’ drive thru lane away from Curry’s main store entrance.

In 2020, works were completed to bring Aldi to the scheme, providing an additional £300,000 pa of income, with other additions including 2 newly constructed drive-thru units let to Starbucks and Burger King, generating new income of £200,000 pa.

In 2022, River Island relocated to Morfa into the former New Look unit, opening the first of their new “marketplace” store concept, simultaneously closing their Fforest-Fach site. New Look have relocated to an alternate location within the park following the successful service of a Landlord CVA break.

The business plan has been focused on growing the existing income and improving the WAULT. A number of leases have been regeared, with development restrictions negotiated out, allowing for an additional drive-thru lane to be constructed at McDonald’s to improve carpark circulation, which further secured an extension to the term with the operator.

The park was acquired fully let with WAULT to break of 6.60 years, including tenants such as B&Q, Pets at Home, Dreams, Wren, Natuzzi, DFS, Sofology, Oak Furnitureland, Tapi, Dunelm and Frankie & Benny’s.

Originated and acquired the previously three separate ownerships of Gallagher Shopping Park in 2014 for £123 million in a JV with KKR. Sold to Hana Financial Investments in 2018 for £175m. Quadrant retained by purchaser.