Borough Parade, Chippenham

 
Macarthur Wilson has been appointed by Mountgrange and AEW as sole property advisors providing agency, asset management and landlord and tenant services since 2009.
 
Scheme
 
Borough Parade is an 87,000 sq ft open centre, comprising 28 modern units. It links the pedestrianised High Street with Chippenham’s busiest car park and is home to a wide selection of leading retail brands including New Look, Waitrose, Caffé Nero, Bodyshop, Argos, Robert Dyas, Clarks, O2, Claire’s, Thornton’s, Specsavers and Waterstones, as well as independent stores.
 
Objectives
 
Upon receipt of instructions, our first initiative was to undertake an extensive marketing campaign to identify suitable occupiers for the vacant units, either on a short or long term arrangement. This included a “gap analysis” to identify those retailers who were not already represented in the town.  Given the absence of a convenience store and catering use every effort was made to investigate how these uses could be integrated into the scheme.
 
We also identified a number of key operators that were trading within the town but either undersized or not in their preferred location. As a result of this we successfully relocated Clarks and O2 Mobile Phones from elsewhere in the town.
 
A tenant audit was undertaken and contact was made with each of the existing tenants to understand their long term intentions.  With a number of lease expiries approaching, negotiations commenced with the existing tenants to re-gear their leases.
 
In conjunction with the above the landlord invested substantially in the renewal of the public realm including a new scheme logo, together with new directional and tenant signage, and street furniture.
 
Convenience Store
 
We targeted the active operators within the convenience sector, and successfully agreed terms with Waitrose which satisfied their requirement in the town for circa. 5,000 sq ft sales area. Concurrently we entered into negotiations with New Look to split their existing unit to accommodate Waitrose and to provide them with prominence to the car park.
 
A re-gear of the New Look lease, together with an Agreement for Lease with Waitrose, was entered into and occupation was taken in May 2011.
 
 
Catering
 
Every effort was made to target the catering sector, which it was recognised would increase dwell time and generate footfall.
 
Macarthur Wilson subsequently successfully secured a letting to Caffé Nero, which opened in 2012. Located in the heart of Borough Parade, it has been a great addition to the scheme.
 
Asset Management
 
Macarthur Wilson has re-geared the following leases over the last 18 months:
 
  • New Look
  • Claires Accessorize
  • Shoe Zone
  • Robert Dyas
  • Store Twenty One
  • Cheltenham and Gloucester
  • Specsavers
  • T Mobile t/a Everything Everywhere
  • Madison Ladieswear
  • Entertainment Exchange
  • Waterstones
 
For further information please refer to the scheme brochure or contact:


Andrew Smallman

as@macarthurwilson.com


Claire Stretton
cs@macarthurwilson.com 

 

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