The Elmsleigh Centre was built in 1979 and had stagnated under the previous owners. Rental values had not increased for 10 years and a programme of lease expiries was looming. Physically and aesthetically, the centre was rooted in the 1980’s and there was little incentive for tenants to stay.

Our role, as Asset Manager, was to co-ordinate the entire architectural and refurbishment teams, run these in parallel with the letting and professional teams and deliver the finished article on time, on budget and catch up the ground lost over previous years. We developed close working links with the council and the planners and lead the negotiations to both re-gear the head lease and for the various refurbishment applications.

A £10m first phase cosmetic refurbishment programme has transformed the centre’s appearance and strengthened it’s link to the high street. What’s more, new retailers such as Monsoon, Body Shop, Fragrance Shop and Republic have moved in. Rents have risen past their historic highs, while the security of income and average lease length has increased.

A second phase of reconfiguration work has also been completed creating a new 44,000 sq ft BHS, as well as a 23,000 sq ft MSU, two new unit shops and a food court. In April 2009, planning consent was obtained to extend the scheme into the adjacent bus station, creating 45,000 sq ft of MSU space together with 80 residential units and a new modern bus station.

Much has been achieved already; much more is to come.

For further information contact Roger Fulford.