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Revitalising places and property
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The Griffin Island Estate comprising 26 buildings with 30 separate retail units was acquired in May 2002. At purchase, 28 of the retail leases had expired and were either holding over or faced an imminent expiry and a number of the upper parts were derelict or dilapidated. The Estate has frontages onto 4 separate streets, including the High Street. Intensive effort enabled us to renew, re-gear, or surrender and re-let all of the 28 units within eighteen months.
The asset management strategy included tenant mix considerations and improvement of the covenant blend to enhance investment value. One retail unit that fronted onto the High Street was structurally reconfigured to provide a separate, self-contained access to the upper levels to permit division and change of use to residential accommodation.
Residential planning consent for the upper parts was sought and obtained in 3 separate phases to ameliorate social housing requirements. These three separate phases were sold to a private residential developer for conversion to provide city centre living in Newport – a new and untested concept for the town.
The estate was sold in October 2007. The combined realisation (including units which had been sold individually, together with the residential upper floors) achieved a 100% increase in value from the original purchase and associated costs.
Vixcroft acquired the Nicholsons Centre in March 2015. The centre stands on the site of the Nicholsons Brewery, which closed in 1960. The Centre comprises 200,000 sq ft and was developed in phases between then and 1995 and is anchored by a 792 space car park .It comprises the most important retail element in Maidenhead.
In January 2015, Vixcroft acquired the Weston-super-Mare Unit Trust, a JPUT which owns The Sovereign Centre, a 118,000 sq ft, enclosed Centre supported by car parking for 876 vehicles. The Centre comprises the principal shopping destination for Weston-super-Mare. It was originally opened in 1992.
Rivatalisation of Tenant Mix helps increase footfall in Burton
In May 2014, Vixcroft acquired the Octagon, a centre of 13,550 m² (145,846 square feet) originally constructed in 1990 and occupying a site of 4.412 hectares (10.9 acres), incorporating 770 surface parks spaces, anchored by Asda (55,000 square feet) and TK Maxx (24,000 square feet). The mall comprises 40 unit shops and connects the car park to New Street and the town’s other Centre, Coopers Square. Annual footfall at purchase was 4.5 million and has now increased to 4.9 million.