Successful Property Asset ManagementLeigh Burnett
Eddisons was appointed by Waypoint, Asset Managers based in London to manage Coopers Square Shopping Centre Burton on behalf of New Frontier Properties.
Coopers Square is the primary shopping centre in Burton at 403,620 sq ft with a footfall of circa 8 million a year. BHS entered administration in April 2016 and closed their doors on 23 July 2016.
This event provided the opportunity to split the unit to create more retail space to up-size current tenant Next and to accommodate the new entrant to Burton, H&M.
The BHS unit was 40,000 sq ft at ground floor level only. Eddisons provided input to architects to draw plans for an appropriate split to accommodate Next and H&M's requirements.
Eddisons' team was involved in the project management of the work, which took 20 weeks and in the division of the services to provide two independent units.
Shopper surveys undertaken by Coopers Square showed that H&M was the top choice retailer of Burton shoppers and this helped to focus H&M on opening in Burton.
Both Next and H&M have taken 10-year leases and opened their units just before Christmas 2017. Both are now income producing through a combination of base and turnover rents with service charge 100% recoverable.
Despite the current challenging retail trading environment, both stores reported a strong opening with monthly turnover budgets regularly met.