Location
Wednesbury
Size
230,000 sqft
Background
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.
Development Initiatives
- Amalgamated three separate parks to create one comprehensive retail park.
- New unit to link two main terraces to provide pedestrian flow.
- Wholesale sub division of former PC World unit with 4 new units, all fully pre leased.
- Right sizing of Curry’s provided opportunity to accommodate M&S Simply Food (pre leased) and create an additional speculative retail unit (let to JD Sport).
- 4x new F&B units, fully pre leased.
- Planning permission obtained to deliver a new format and bespoke flagship DFS unit.
- Refurbishment of fascia and regearing of existing lease with Next.
- New letting in 2025 to Popeye’s, converting an existing restaurant to a drive thru.
- Achieved 21% uplift in NOI to £9.7m.
Challenges
Phased reconfiguration of customer car park and diversion of service yard access whilst maintaining trading of all tenants.
Negotiation of removing development restrictions within existing leases which were prohibitive to proposed initiatives.
Maintaining and adapting ground gas monitoring and management strategies whilst adaptions are carried out.
Sensitive planning environment concerning increases to floor space at the park.
| Sq ft | Status | Deal Type |
| 230,000 | Ongoing | Acquisition & AM |