Project
Eddisons acted on behalf of a long-established and respected family property company, tasked with identifying properties across multiple sectors where opportunities existed to unlock additional value through change of use and redevelopment.
With a strategy focused on regional markets outside of London, the client was keen to target sustainable locations with strong fundamentals and long-term growth potential.
Approach
Through its extensive national network of investment contacts, Eddisons’ Lincoln team secured an early opportunity to acquire a retail property in Sudbury, a popular Suffolk market town. The site was in a prime position and comprised a large car park, two smaller shop units accessed from a side street, and a larger shop temporarily occupied by a charity.
The vendor, a large institutional owner, was unwilling to explore redevelopment options, leaving the site underutilised despite its potential. Eddisons recognised that the property met the client’s strict investment criteria and worked closely with the seller’s agents, Bidwells, to successfully negotiate its acquisition.
Results
On presenting the opportunity, Eddisons identified the site’s suitability for a high-quality bar/restaurant operator. The fast-growing national brand Loungers quickly expressed interest, and an Agreement for Lease was secured. Planning permission was subsequently obtained for a comprehensive redevelopment that included the anchor restaurant, two independent shop units fronting Gaol Lane, and six modern residential apartments.
The completed mixed-use scheme not only revitalised a central part of Sudbury’s town centre but also created a robust investment. With Loungers secured on a long lease and additional income from the retail and residential elements, the scheme generates a strong annual rental income in the region of £140,000 (as of 2021). The property continues to be actively managed by Eddisons on behalf of the client, ensuring its long-term performance.
