C&W awarded joint agency instruction to Lease Shopping Centre space
BT Pension Fund own Crystal Peaks Shopping Centre which comprises approx 600,000 sq ft of retail and is asset managed by Hermes. Cushman & Wakefield’s objectives were: to 1) add value by increasing the Zone A tone from £65 per sq ft to £90 per sq ft 2) increase customer dwell time and 3) enhance Tenant mix with a major anchor store.
Drive value by creating tenant mix opportunities within the Centre and subsequently increasing rents and length of lease term.
Identify a suitable anchor store operator that has the capability to drive footfall and increase dwell time.
Build a food court within the shopping centre to extend the offer beyond retail and subsequently increase dwell time.
Enhance tenant mix and drive fashion-led lettings by securing a new major fashion anchor.
The last few lettings at Crystal Peaks have set a precedent for the The Zone A tone with evidence now suggesting a level between £90 and £95 ITZA this will in turn drive value when settling the majority of retailer rent reviews in 2013. M&S have agreed to lease 56,000 sq ft fulfilling one of our anchor store objectives, a food court has been built with all units pre-let which together with M&S is expected to take customer dwell time beyond 45 minutes and negotiations are well under way with a major fashion operator to take 25,000 sq ft.