Ashford Borough Council acquired the Park Mall Shopping Centre in 2015 as part of its strategic growth plans for Ashford town centre. Cradick Retail provided advice to assist with the acquistion and has been retained with a leasing remit for the short to medium term. The firm is also part of the team considering the comprehensive longer term development potential.
Brighton - Imperial Arcade
Imperial Arcade comprises a prime art deco retail and residential holding opposite Churchill Square with medium term redevelopment potential. The LPA receiver required initial asset management advice with a view to maximising the rental income without jeopardising the property's development prospects.
Cradick Retail advised on outstanding lease renewals, negotiated possession of the residential element and provided valuation and marketing advice. Following a comprehensive marketing campaign, the investment was ultimately sold for £4.15m to AEW.
Canterbury - Premier Inn and Tesco
Acting on behalf of a developer client, Cradick Retail acquired the freehold interest in a prominent site in New Dover Road, Canterbury. The property originally comprised retail units on the ground floor and office on the upper parts.
Cradick Retail provided retail advice to the developer and planning consent was secured for 6,000 sq ft of retail space on the ground floor and a 120 bedroom hotel above. Pre-lets were secured with Premier Inn and Tesco for their covenience store format and Pizza Hut delivery.
A forward sale of the investment was concluded with Aberdeen Asset Managers at £12.2m representing a net initial yield of 5.75%.
Canvey Island - Boots
AKD was instructed by a landlord client on the Boots store in Canvey Island in respect of an interim dilapidations matter. AKD served an appropriate schedule and successfully ensured that the tenant complied with the various repairing lease covenants.
Cheam - Waitrose
Cradick Retail was instructed by the landlord of the Waitrose in Cheam, Surrey, in respect of the 2015 rent review.
The property comprised an 8,000 sq ft purpose built food store, where the rent was ultimately determined by an Independent Expert at £100,000 per annum, an increase of £25,000 per annum.
Eastbourne - Aldi
Acting on behalf of major discount food retailer Aldi Stores Limited, Cradick Retail acquired the freehold interest in a prominent site on Lottbridge Drove opposite Morrisons. The property originally comprised a large industrial unit which had fallen into disuse.
Cradick Retail provided strategic and valuation advice to Aldi before negotiating with the site owners to secure the freehold interest on a subject to planning basis. Planning was subsequently obtained in 2015 with the store being constructed for Aldi in time for opening in April 2016.
Eltham - New life to The Coronet
Acting on behalf of the landlord, Cradick Retail were instructed to market this former cinema and four new retail shops.
Lettings have been concluded on the shop units, which have been acquired by Pizza Hut, along with four other local traders.
A letting of the previously derelict cinema was secured to the Kinesis Gym Group on a long term lease at £75,000 per annum.
Fleet - Superdrug
Cradick Retail has recently concluded a lease renewal acting on behalf of Superdrug Stores Plc in the Hart Shopping Centre, Fleet. The landlord adopted an aggressive approach to the negotiations with unrealistic expectations on rent.
The matter proceeded to Court where Cradick Retail provided written and oral evidence which included cross-examination.
The Judge determined a substantial drop in rent with 95% of costs awarded against the landlord
Tunbridge Wells - COOK
Having identified an opportunity to acquire a freehold building offering vacant space on ground and upper floors, we acted on behalf of Berwick Hill Properties Limited in the successful acquisition of the property. Simultaneously, a letting of the ground floor shop was secured to COOK (www.cookfood.net) for what has become their flagship store.
The upper floors already had the benefit, by way of permitted develoment, of a valid planning consent for conversion to seven flats which our client implemented and successfully sold all upon completion. The created investment of the ground floor was then sold at a very competitive yield reflecting the strong retail pitch, the quality of the tenant and the attractiveness of Tunbridge Wells for investors. Cradick Retail advised on all aspects throughout.
Uxbridge - Ask
Cradick Retail has recently completed a rent review on behalf of the landlord on the Ask restaurant in Uxbridge, Middlesex.
Following negotiations with Gerald Eve, a revised rent of £85,000 per annum was agreed, reflecting an increase of £10,000 per annum.
Woolwich - H Samuel
Cradick Retail negotiated a regear of H. Samuel's lease to release the upper floors for conversion and redevelopment and DMP subsequently obtained planning consent for four flats with a new entrance from Powis Street.
The resultant conversion works which included a new shop front were co-ordinated with the tenant to ensure minimum disruption to trade and were completed on time and within budget.
Woolwich - Wellington Street
The Island site on Wellington Street, Woolwich, has been in the long term ownership of our client, Powis Street Estates. Originally acquired, with predominantly vacant possession, from the University of Greenwich the site is a former campus extending to circa three acres with 250,000 sq ft of buildings. Whilst working on plans for a major mixed use scheme, Cradick Retail is operating the site with retail units and a business centre. All the tenancies incorporate landlord's breaks, creating an income producing vehicle for the client whilst unlocking the inherent development value.
Worthing - Montague Street
A freehold retail property on the market on Worthing's prime Montague Street was recognised as having investment potential and offered particular asset management possibilities to the adjoining owner.
That freeholder was identified by a Land Registry search, instructions were secured and terms agreed to acquire the freehold interest at £100,000 below the asking price.
Terms were subsequently agreed to obtain vacant possession and simultaneously to let the property to 330 branch multiple retailer The Works, subject to a schedule of landlord's works and on a lease co-terminus with the client's adjoining property, creating an investment with a net initial yield of 10.4% net of purchase costs and landlord's works.