Project
Eddisons was appointed by London-based asset managers Waypoint to manage Coopers Square Shopping Centre, Burton on behalf of New Frontier Properties. The 400,000 sq ft Coopers Square is the primary shopping centre in Burton, with a footfall of 8 million people per year. The demise of BHS presented the opportunity to split the unit to create more retail space, offered the chance to upsize current tenant Next, and to accommodate a new entrant to Coopers Square (H&M.)
Approach
The former BHS store was a 40,000 sq ft ground floor unit. Eddisons provided input to architects to draw plans for an appropriate split to accommodate Next and H&M's requirements.
Eddisons' team was involved in the project management of the work (which took 20 weeks) and in the division of the services to provide two independent units. Shopper surveys undertaken by Coopers Square showed that H&M was the top choice retailer of Burton shoppers and this helped to focus H&M's opening in Burton.
Results
Both Next and H&M have taken 10-year leases and opened their units just before Christmas 2017. Both are now income producing through a combination of base and turnover rents, with service charge 100% recoverable. Despite the current challenging retail trading environment, both stores reported a strong opening with monthly turnover budgets regularly met.
