The structural change in UK retailing is happening fast and has been accelerated by the global pandemic. ARC’s track record in re-purposing surplus or obsolete retail stores is first class. By introducing the correct alternative uses, we ensure shopping centres and mixed use schemes remain aligned and relevant to their local catchments.
During the evaluation process we advise landlords on the latest occupational trends covering target occupiers, store sizes, specifications, market terms and incentives. Our team has considerable expertise in repositioning large retail stores to food, cinema and other hospitality uses. Clear and concise advice as well as the security of pre-lets, are fundamental to a successful asset management project.
ARC acts as sole leasing agent, advising FI Real Estate on leasing and asset management at the Brunel, Swindon. In response to changing shopping habits, ARC carried out a full-scale review of the centre to improve both dwell times and drive footfall. It was clear from our review Brunel had an oversupply of retail floorspace and oversized stores. The centre also lacked a dedicated food and beverage offer, whilst demand for quick service restaurants was fairly robust.
We worked closely with FI Real Estate and its design team, considering various options on where to locate a new food hub in Brunel, taking into account accessibility, foot flow, services and viability. ARC then worked meticulously on the first phase of the strategy, negotiating vacant possession and advising on tenant mix, occupier requirements, commercial terms and handover specifications.
The new 16,000 sq ft food hub was successfully pre-let to a mixture of independent and national operators and opened to the public in May 2018.
Harbourside is a major mixed use scheme, adjacent to Bristol’s historic floating harbour. ARC acts as sole leasing agent, advising Canada Life Asset Management on leasing and asset management.
ARC advised on the surrender of a former M&S Food store, which had been sub-let to a poor quality F&B operator. It was a key initiative of CLAM’s asset management strategy to take back the store and introduce mezzanine space. ARC secured a reverse premium from the outgoing head tenant to facilitate the landlord’s works.
Three key anchor lettings, comprising a total of 35,000 sq ft, were then secured by ARC introducing a mini-golf themed bar (Par 59), 10 lane boutique bowling alley (Lane 7) and BrewDog’s largest bar in the South West.