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Sovereign Centre Expansion
February 2015 - Vixcroft is excited to announce the completion of its purchase of the Sovereign Shopping Centre, Weston-super-Mare from Standard Life. The Sovereign Centre has been purchased with an asset management plan to improve net income and WAULT (weighted averaged unexpired lease term) through improvement of the tenant mix, encouraged by light refurbishment and reconfiguration of the entrances and mall areas.
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Weston-super-Mare's Sovereign Shopping Centre could be in line for a major expansion which would see two floors of restaurants built overlooking the town square.
Vixcroft (which bought the centre for £30million in January 2015) revealed this week its ambition to build a two-storey extension facing the Italian Gardens.
Company chief executive Dan Carter has kept plans under wraps since buying the centre, now says he hopes to fill the extension with restaurants, revamp the landscaping and add seating for outdoor dining. But he simultaneously condemned proposals to expand Cribbs Causeway near Bristol – warning it could ‘undermine the viability of Weston town centre’.
More a year since first revealing his hopes to expand and invest in the shopping centre, Mr Carter spoke to the Mercury about his plan to ‘reinvigorate’ the High Street mall – including a re-think of the 1990s canopy facing the town square.
To view the full article, please follow the link below:
http://www.thewestonmercury.co.uk/news/business/major_expansion_on_the_horizon_for_
shopping_centre_1_4532278
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.