Case Study | Out Of Town Asset Management

In 1996 Chase & Partners identified the opportunity to acquire Retail World, Team Valley Gateshead from the existing owners and introduced it to Land Securities Plc. Chase & Partners reported their findings on the potential of the scheme directly to the Board of Land Securities and were instructed to enter into negotiations, with a successful purchase being completed a few months later.

The scheme comprises a gross internal area of 377,760 sq ft including 27 retail fascias, surface parking for 1,300 cars, an open A1 non food retail planning permission and direct access from the A1 (M) trunk road. Current occupiers include Homebase, Halfords, Comet, TKMaxx, JJB Sports, Borders, Next, Arcadia, Holiday Hypermarket and Sports Soccer. The scheme services 1.7 million residents within the core catchment area.

Chase & Partners have advised on asset management activities and lettings since the original purchase. In addition to the buying in of existing leases and advising on sub division or extension, we have also been instrumental in purchasing adjoining land. Through the planning department we have secured planning permission and are in the process of negotiating new consents.

The net result has been a significant improvement in the tenant mix of the scheme, a substantial uplift in the trading and turnover figures of the retail tenants, and a substantial improvement in the capital value of the investment.