Background
Challenge
Outcome
In late 2016 the original borrower failed to meet terms of the debt and were subsequently placed into administration by the lender.
Colliers were instructed to strategically appraise the viability of each asset.
Each centre had previously held a strong position in the market.
However the changes in retail and successive tenant failures were stressing the income and lease profile , with rising vacancies and void costs.
Our strategy initially stabilised the income for each centre allowing opportunity to investigate opportunities to improve income and add value, which has included over 60 lease deals.
An ongoing instruction that has resulted in a successful outline planning consent for a partial redevelopment at Knowle. At Ellesmere Port the strategy involves a long term dialogue with the freeholder, Cheshire West and Cheshire Council, in respect of the head lease and regeneration. Belle Vale continues to function as a community hub, offering shopping, leisure and health and education facilities.
In November 2019, the agreement between Knowsley Council and St Modwen was completed. This secured the delivery of the new 90,000 sq ft development with the Council funding the costs and taking ownership of the completed scheme and the existing town centre assets.
The Colliers team was led throughout by their Head of Retail Development, Greg Styles, and they are now retained to lease the remainder of the new development for the Council, which will open in mid-2020.
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