Washington Retail Park rises from the ashes
Pudney Shuttleworth act as letting agent for Peel Developments on their retail park at Washington Retail Park, Washington, Tyne & Wear. This retail park was suffering from vacancies and low rents until recently, when new asset management initiatives were put into place, which in turn has transformed the scheme.
Upon demolishing part of the retail park Pudney Shuttleworth were able to negotiate new leases on new build stores for Lidl, Iceland Food Warehouse and Greggs. This provided the trigger for more positive actions, with the selling of the 35,000 sq ft vacant former Homebase unit to B & M and the letting of a new build 6,500 sq ft unit to One Below, both being national discount retailers.
In addition, a plot of land next to McDonalds has been sold to Peveril Securities for a drive thru Costa Coffee unit and McDonalds (who trade so well from their unit) bought in the freehold interest in their leasehold unit.
Pudney Shuttleworth acted throughout in the asset management and letting agency roles and continue to do so with opportunities to let a vacant 27,000 sq ft retail unit and aid in the redevelopment of further retail or leisure units on a site adjacent to the new Costa Coffee unit.