Wesleyan Assurance owns a large number of properties nationally. The Arcade in Bedford is one of a number of assets we manage on their behalf.
In addition to some scheduled lease expiries, a number of tenants went into administration, including two of the largest occupiers, Claytons Menswear and Beavis. On behalf of Wesleyan Assurance, we instigated a marketing campaign, targeting established, local companies to complement the existing tenant mix.
Our advice led to fully occupied retail arcade
We entered into negotiations with a number of existing tenants to re-gear their leases and relocate them into larger units. One of the largest units was subdivided to provide two double units, both of which were pre-let to existing occupiers.
Hanworth Interiors initially took a single unit within The Arcade but after exceeding sales expectations later expanded into the adjoining triple unit, becoming the largest occupier within The Arcade.
High caliber occupiers secured for all vacant units
High calibre, local occupiers were identified for all of the nine vacant units over a two year period. The Arcade now has an established reputation for niche, independent retailing with an emphasis on high end fashion and homeware.
Cost savings for occupiers
We identified business rates savings opportunities as part of the refurbishment program we undertook.
Refurbishment works to the common areas are ongoing with improvements planned for the signage and décor over future months.