Development Management

As part of our role as an independent retail property advisor, we have acted for many years as the development manager on a variety of retail properties. We believe actions speak louder than words and therefore below are a number of case studies completed and ongoing which demonstrate our ability to successfully deliver retail development schemes.

 

M&S Simply Food, Tavistock Road, Plymouth – identification of the site and acquisition based on a sustainable appraisal. Instructing and appointing the full professional team. Ensuring the lease terms were institutionally acceptable and would maximize capital value. Overseeing the development from start to finish. Overseeing the landlord’s works, planning, the tender process, the build contract and delivering the project within the pre-agreed cost budget and timeframe. At all times keeping the investors appraised of milestones within the development and of general progress on an open book appraisal basis. The end product was an 11,000 sq ft M&S Simply Food store let at a rent of £200,000 per annum on a 20 year full repairing and insuring lease.  End value £3.5 million.

 

Mixed Use Residential Scheme, Bath – an existing property block with development potential was acquired on behalf of a group of investors. Our role as development manager was to increase the size of the ground floor foot plate and to replace the local tenants with a Plc covenanted tenant and construct 6 flats and refurbish 3 flats above the shops. At all times keeping the investors fully informed of the progress. Instructing the professional team and achieving planning without going to appeal in a World Heritage City (no mean feat). Working up a viable appraisal and sticking to budgets and timescales. Delivering the scheme on time and at cost. End value £4 million.

 

Eastern Avenue, Ilford – acquisition of a car showroom with a limited retail planning consent with the wrong layout was acquired on behalf of a group of investors. We widened the retail planning consent to allow subdivision and wider retail uses to ensure the property’s configuration and planning met the demand from retailers. In addition, obtaining planning to convert vacant first floor offices into residential. Keeping the investors up to date with the progress of the development. Appointing a professional team and overseeing the subdivision works and letting the reconfigured units to fundable and institutional tenants. End value £3.7 million.

 

100-101 High Street, Worcester – identifying an opportunity to combine two shop units to cater for the increase demand from the A3 sector. Exploiting a planning loophole to gain an A3 planning consent in a primary protected retail frontage and letting the new space on a new 25 year FRI lease without breaks. Gaining vacant possession of the two units, appointing the contractor and professional team ensuring the lease terms maximised the capital value and delivering the same within a costed appraisal. End value £1.6 million. 

Ongoing projects:

• Halifax – this property comprises a 20,000 sq ft retail warehouse let to B&M Retail Plc with expansion land adjacent allowing the development of a further 7,000 sq ft of retail space.  
• Carmarthen – acting as development manager to gain vacant possession of the existing store following a substantial widening of the existing bulky goods planning consent to open A1 including food. To then subdivide the premises and let to institutional tenants on institution terms.

If you wish to discuss maximising the latent value in your site or buildings, please do not hesitate to contact Richard Macarthur MSc MRICS to discuss with the upmost discretion.

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