Seaward Properties instructed us to deliver Agency services at Central Retail Park in Havant, Hampshire.
We were specifically asked to dispose of the remaining two units on the park, with our appointment awarded on the back of the track record we hold in the retail warehousing market.
A deal was agreed with Carpetright, which had previously operated a concession in Wickes. Following negotiations and proposals, it signed a new lease on one of the units.
Investment interest sold for £20m
Along with our Capital Markets team, we then approached Seaward Properties with the opportunity to sell the investment interest in the park.
In February 2010, Threadneedle acquired Central Retail Park for £20m. Our Capital Markets team has a longstanding relationship with Threadneedle and, knowing its appetite to acquire retail warehousing space, we were able to drive this mutually beneficial transaction through to completion.
Wider market knowledge added value to park
Since securing the sale, we went on to market the last available unit. We also widened the planning consent to extend the range of retail use, bringing the park in line with others in the area.
The asset management advice that we gave over and above routine letting activity added genuine value to the clients. Our advice acknowledged trends from the wider retail warehousing market, whereby planning on all other parks in the region had open A1 (retail – non food) consent. We were therefore able to guide Threadneedle on longer term opportunities.