Moorfields implement strategy to transform shopping centre and create 420 new homes

Background

Moorfields Advisory were appointed over this Broadwalk shopping centre in December 2016. The shopping centre comprises of 218,488sqft predominately retail and leisure space and was producing a gross income of c£1.3m and current market value of c£8.5m.

Action

Moorfields initially implemented an asset management strategy whilst they reviewed options. In July 2018 Moorfields implemented a strategy which involved seeking planning permission to demolish the 1970’s multi-storey car park and part of the shopping centre which was deemed no longer fit for purpose to re-vamp the shopping centre, create 420 new apartments and car park for both residents and shoppers.

Result

Moorfields achieved full planning permissions to revamp, build 420 apartments, car parking facility and an additional 11,500 sqft of retail space.

Estimated value has now increased from £8.5m to £18.5m a £10m increase and also improved tenant ability on existing retail and commercial space.