Hermes Commercial Real Estate Case Study - Cushman & Wakefield

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C&W awarded joint agency instruction to Lease Shopping Centre space

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The Challenge

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.

The Solution

Step 1:

Drive value by creating tenant mix opportunities within the Centre and subsequently increasing rents and length of lease term.

Step 2:

Identify a suitable anchor store operator that has the capability to drive footfall and increase dwell time.

Step 3:

Build a food court within the shopping centre to extend the offer beyond retail and subsequently increase dwell time.

Step 4:

Enhance tenant mix and drive fashion-led lettings by securing a new major fashion anchor.

The Results

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.

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