Shopping Centres Refurbishment and Redevelopment
Shopping Centres Refurbishment and Redevelopment
Shopping Centres Refurbishment and Redevelopment
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Case study<br />
<strong>Shopping</strong> centre redevelopment<br />
Regent Arcade Cheltenham, UK<br />
Project: Regent Arcade, Cheltenham<br />
Owner: Canada Life (long leaseholder)<br />
Location: Cheltenham, UK<br />
Opening: November 2009<br />
Managed by DTZ: from 2002<br />
Number of Tenants: 68<br />
Main Tenants: anchor – BHS with over 60 stores<br />
<strong>and</strong> 7 restaurants<br />
Situation before redevelopment<br />
• Centre suffers from poorly designed entrance atrium <strong>and</strong><br />
low ceilings with poor quality finishes <strong>and</strong> restricted daylight<br />
• Units towards front of the centre are poorly configured<br />
with low visibility from the high street into the main arcade<br />
• Ongoing requirement in the town from national retailers<br />
for flexible <strong>and</strong> well configured space; existing units are<br />
too small <strong>and</strong> lacking depth<br />
• Risk of losing tenants to the nearby Beechwood <strong>Shopping</strong><br />
Centre thus restricting trade <strong>and</strong> future rental growth.<br />
Main goals<br />
• <strong>Refurbishment</strong> <strong>and</strong> frontage redevelopment<br />
• To refurbish <strong>and</strong> redevelop the existing shopping centre<br />
to provide high quality retail space to anchor the front<br />
of the scheme with a view to maintaining the scheme’s<br />
dominance within the town <strong>and</strong> ensure its long term viability<br />
• To provide the client with management <strong>and</strong> leasing<br />
advice as well as advising on the negotiations with the<br />
council to secure a regear of their headlease.<br />
Results<br />
• Planning permission for a new frontage has been obtained<br />
• This involved significant consultation <strong>and</strong> design work<br />
to ensure that the development was appropriate for the<br />
historic town centre<br />
• DTZ advised on the commercial aspects (feasibility,<br />
viability, leasing <strong>and</strong> design development) of the frontage<br />
redevelopment to ensure that the highest quality retail<br />
units were designed having regard to the potential to<br />
change <strong>and</strong> subdivide the space to provide as much<br />
future proofing as possible<br />
• DTZ provided the client with management <strong>and</strong> leasing<br />
advice as well as advising on the negotiations with the<br />
council to secure a regear of the headlease.<br />
<strong>Shopping</strong> <strong>Centres</strong> <strong>Refurbishment</strong> <strong>and</strong> <strong>Redevelopment</strong> 9
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