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The Crescent Hinckley - Delivery of a Retail Led Mixed Use Town Centre Scheme

The Challenge

Development proposals for the Crescent by the Tin Hat Partnership had stalled and the CPO for the site was at risk of expiring. Hinckley and Bosworth Borough Council tasked Cushman & Wakefield to advise on scheme viability and provide a delivery solution.

The scheme included 230,000 sq ft of retail space, a 5 screen cinema, 20,000 sq ft of A3 accommodation, a gym, 540 car spaces and a new bus station. The proposals were key to the regeneration of the town centre, extending the town’s evening economy and to reverse shopper leakage

The Council required our advice on all financial aspects including:

  • Viability and financial modelling on a real time basis
  • Compliance with best consideration and State Aid
  • Risk analysis and mitigation measures
  • The acquisition by way of forward funding, of part of the completed scheme by the Council

The Solution

To meet the challenges we:
  • Carried out a detailed review of development, occupier and funding markets undertaken to inform strategy and establish a viable basis for delivery of the comprehensive scheme in a seamless manner
  • Worked closely with Council officers and external advisors throughout the renegotiation of the development agreement
  • Ensured that the development agreement terms were consistent with best consideration obligations
  • Advised on the commercial terms of a new 250 year ground lease
  • Provided detailed appraisal work with inputs from market facing experts, supported by up to date research to ensure investment and delivery viability is robust
  • Advised the Council on directly funding the Cinema and leisure units within the scheme

The Results

  • Development and Funding Agreements exchanged in November 2013
  • Amendments to Planning consent to be submitted in December 2013
  • CPO to be implemented in February 2014
  • Demolition work started in May 2014 and the scheme completed and was open for trading in November 2015

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