Eddisons Appointed on Shopping Centre Trio – Eddisons
Eddisons has been appointed to manage three shopping centres totalling almost 900,000 sq ft on behalf of Waypoint New Frontier Ltd.
Two of the schemes – the 430,000 sq ft Cleveland Centre in Middlesbrough and the 400,000 sq ft Cooper’s Square in Burton upon Trent – were recently bought by New Frontier Properties in a £179m off-market deal. They are the first in a series of acquisitions for the company which has a further £131m earmarked for UK shopping centre investments.
Waypoint New Frontier Ltd, which is investment adviser and asset manager to New Frontier, appointed Eddisons as property managers. The surveying firm will inherit eight staff across the two locations with immediate effect. Both centres are the best in their respective towns and provide significant scope for further development.
A few months ago, Eddisons was appointed property manager to The Britten Centre in Lowestoft, which Waypoint had acquired on behalf of a separate client for £6.65m. The enclosed shopping centre totals 55,000 sq ft and offers a number of asset management opportunities.
Adrian Dack, director of commercial property management at Eddisons, says: “We have been advising Waypoint New Frontier since they started in 2013 and these latest instructions are testimony to the relationship that has developed over that period. We look forward to working with them and the management teams in the three towns to maximise the potential of these shopping centres.”
Written by: David Rowling on Wednesday 06/05/2015