Delancey - Cushman & Wakefield

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C&W awarded joint agency instruction to advise on redevelopment and leasing

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The Challenge

To lease units within the centre that have become vacant and to increase rental income for the client. To construct a strategy that reduces the clients void property liabilities and to advise on the plans for redevelopment of the centre.

The Solution

To let units which have been earmarked for redevelopment on short term flexible leases, and to maximise rental income and lease length for units not in the proposed development zone. To use the redevelopment as an opportunity to relocate valued tenants to more prominent pitches.

The Results

We have worked with the client to help them create a clear development strategy, with terms out to a new major anchor, created a target list of proposed tenants. By providing flexible shorter term leases on potential development units we have been able to reduce the clients void liabilities on service charge and business rates and increase the centres rental return. By monitoring the client mix - not allowing too many of one type or similar retailer has allowed us to create an interesting and varied shopping experience. Recent lettings include fashion retailer, Internacionale with deals progressing through with Jane Norman, Deichmann Shoes and Card Factory. Recent lettings include Internacionale, Deichmann, Jane Norman and Discount UK.

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