Location
Surrey
Background
•Acquired a shopping centre in a JV with LaSalle IM anchored by a Waitrose food store with additional mall units and a large surface car park.
Development Initiatives
•In response to the Local Plan allocation, we devised a scheme to reconfigure the retail units and car park to provide 109 senior Living Units to satisfy local demand.
•Active estate management of the existing retailers to obtain possession for the works and offer relocation opportunities on site.
•Submitted a detailed planning application for the reconfiguration of the centre and construction of the residential element.
Status
Despite compliance with all polices the application was refused owing to local opposition.
The centre has now been sold to Waitrose who have acquired it to secure their future in a prime trading location.
Added Value
Despite not delivering the original business plan the outcome has still delivered an acceptable investment return owing to the defensive nature of the asset, identified prior to purchase and pro-active management and engagement with Waitrose.