CHALLENGE
Eddisons were appointed by Waypoint, Asset Managers based in London, managing a mixed use portfolio on behalf of Schroders.
The Britten Centre, in Lowestoft, is an open air shopping centre of 50,000 sq ft with a footfall of c. 9 million a year. The Centre required a new identity and a revamp of the malls.
SOLUTION
Eddisons have been instrumental in the financial planning of a £250,000 refurbishment to improve the signage and identity of the Centre as well as major repairs to the roofs, guttering, canopies and painting.
Due the constraints of the service charge budget, the works are funded via a combination of service charge and Landlords capital investment.
As part of the refurbishment works, the daily Market in the Centre Square was removed and relocated to London Road North.
RESULTS
The removal of the market created the opportunity for some of these traders to take permanent leases, improving the occupancy of the Britten Centre.
The change improved sight line to the units on the far side of the square.
As the Landlords are funding part of the work, the service charge has reduced from £400K to £227K, which is a far more sustainable level for the current tenants and has helped to increase the attractiveness to new retailers.
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