Pentagon Shopping Centre, Chatham

Chatham

Bride Hall has been selected to manage the Pentagon Shopping Centre in Chatham, commencing July 2010. The appointment is the fourth to be generated by the Group, adding to those for the Grosvenor Shopping Centre in Chester, The Ashley Centre in Epsom and The Broadwalk Centre in Edgware.

 

The Ashley Centre, Epsom

Epsom External

Bride Hall has secured a trio of lettings at The Ashley Centre, attracting Costa Coffee, Lakeland and Next, further strengthening the quality of the Centre.

 

Next store to open on Thursday

Evesham

A major fashion retail store will open in Evesham on Thursday 14th August 2008, creating more than 25 new jobs for local people. The Next store has been constructed opposite Tesco on Worcester Road and is set to open at 10am. The store which will sell mens, womens and childrens clothing as well as homeware occupies almost 10,000 square feet of trading space.

Evesham market town partnership manager Lew Hammond sees this as a positive move for the local job market.

“The good thing is that companies such as next obviously see Evesham as an ideal location for their business,” he told the Evesham Journal.

According to Next, the store will provide a modern environment for people starting their new jobs in retail.

Lucy Taylor, public relations officer for Next, told the newspaper: “The store has a fresh look which encompasses a stylish logo and striking contemporary interior design concept.”

Dentists prepare to welcome patients

A new dental surgery developed by Bride Hall is open for business. The Harley Dental Clinic, next to Bride Hall’s Bouverie Place Shopping Centre, has been set up by CareCapital.

The 12,500 square feet practice will be open from 8am to 10pm weekdays and hopes to open on Saturdays as well.

Combining a surgery, laboratory and training centre, the three-floor development has cost in the region of £3.5million. The surgery will be able to accommodate 12 dentists, three hygienists and two orthodontists in 14 dental suites.

The surgery’s principals, Dr Jostein Steien and Dr Richard Wellington, are in talks with the Eastern and Coastal Kent Primary Care Trust and hope to win an NHS contract for the surgery.

Speaking to the Herald earlier this year, CareCapital chief executive, Paul Stacey, said: “This is a big thing for the town. It is an exciting project and very inventive. We are extremely pleased to be the developer and owner of this innovative project.”

CareCapital, which is currently building surgeries in Britain and Germany, announced the acquisition of the Bouverie Place structure to the stock market in January this year.

The company will own and maintain the property and has leased it to Phoenix Dental Management Ltd on a 21 year term.

 

Winners of the Arts & Business Creative Champion of the Year

Winners of the Arts & Business Creative Champion of the Year

Sponsored by Advanced Media Associates

Bride Hall and Strange Cargo

The Creative Champion of the Year Award is presented to the best of all the businesses winning a category on the night.

Property developer Bride Hall wanted to invest in a community project to link with its new Bouverie Place shopping development in Folkestone. The result is Other People’s Photographs, an extraordinary public artwork that exists because of Bride Hall’s support and because the community in Folkestone supported its creation by actively engaging in the process of making the artwork. The community’s contribution was to loan 1,650 personal photographs of everyday events on the streets of the town over the years. 540 of these images are now back in their original locations, as permanent signs in the streets in which they were taken allowing everyone to glimpse a past moment in a shared location. One photograph exists for every street in the town. Two digital touchscreens are at the hub of Other People’s Photographs, one of which is at Bouverie Place. The screens show all the photographs loaned, a virtual map of the town and voice recordings from participants telling the stories behind the 540 main images.

 

Carlyle in Talks to Buy £300m Mall Assets

Carlyle Group and developer Bride Hall are in talks to buy three shopping centres from The Mall Fund for around £300 million.

The pair are in negotiations to buy the 372,000 sq.ft Epsom mall, the 192,000 sq.ft Edgeware mall and the 242,000 sq ft Chester mall. The net initial yield is close to 6%.

The Mall Fund, which is jointly managed by Capital & Regional and Morley and which owns 23 centres, instructed Strutt & Parker in February to sell the centres.

Capital & Regional’s troubled Mall shopping centre fund has bought itself some breathing space with the sale of three of its centre – albeit at a reduced price – and a corporate refinancing which means the fund is no longer in danger of breaching loan covenants.

Carlyle bought the properties with Bride Hall Holdings and will inject them into its Carlyle Europe Real Estate Partners III Fund. The purchasers expect to invest up to £50 million in the portfolio and have already identified several asset management opportunities.

The Mall, Chester is a 243,000 sq.ft single-level covered scheme situated in Chester’s historic centre which dominates the city’s retail provision. Attracting around 200,000 shoppers weekly, the centre is home to over 80 stores, including River Island, H&M, Monsoon, Topshop/Topman and Habitat.

The Mall, Edgware provides 190,000 sq.ft of retail. Attracting around 140,000 shoppers weekly, the centre is fully let with tenants including Sainsbury’s, Marks & Spencer, W H Smith and Boots. A masterplan is being drawn up with the centre forming part of a wider retail-led, mixed-use development.

And The Mall, Epsom comprises 362,000 sq.ft of retail with an average weekly footfall of 140,000. The centre is anchored byu House of Fraser, Marks and Spencer and Waitrose with other tenants including Next, H&M, New Look and Boots.

Carlyle MD, Robert Hodges, said: These three acquisitions, the first for CEREP III since its closing, represent strong additions to our UK portfolio and underline our intentions to take advantage of opportunities that arise to expand our retail portfolio. Our planned development programmes will significantly increase the attractiveness of each centre to its tenants and shoppers alike and underline that we have both the expertise and firepower to identify and exploit opportunities to create value in the retails sector.

Conroy Laurie, Strutt & Parker and Savills advised the purchasers.

 

Final tenants sign at Bouverie Place

Bride Hall and Warner Estate have signed their final tranche of pre-lets to coincide with the opening of the 200,000 sq ft Bouverie Place shopping centre in Folkestone. Body Shop, Asda Cafe, Sports Direct and Poundland have all signed up at the new £30m scheme, which opened on 26 November.

Asda Cafe is set to open a 2,600 sq ft store, Poundland will open a 5000 sq ft store, while Sports Direct is taking 10,000 sq ft and Body Shop a 1,250 sq ft store.

These national retailers join the list of retailers already signed up for the scheme, which includes a 72,500 sq ft Asda superstore, a 21,000 sq ft Bhs, Next, George, Peacocks, Vodafone, HMV, Starbucks, Specsavers and New Look. Bouverie Place also comprises 570 new car parking spaces in an adjoining car park that incorporates a new Shopmobility facility.

Bride Hall director Roger Gorham said: “The introduction of previously unrepresented brands creates a real step change in the retail offer which continues to support Folkestone through a time of major change and investment in the town.”

Bouverie Place has effectively doubled the retail pitch in Folkestone. By adopting a ‘stacked’ approach with main stream retail at ground level, a food superstore at first floor level and multi-storey car parking above, architect GMW has made maximum use of the site and has been able to reintroduce food retail in the town centre.

HBG was contractor on the complex project and Green & Partners is sole letting agent.

 

Refit for Purpose

Richmond is responding to a lack of new-build office space by refurbishing what it has.

The only new development opportunity to have arisen in recent months is the sale of two buildings in the town centre, Midmoor and Merevale, by Kent County Council Pension Fund.

The buildings are understood to be under offer to Bride Hall Developments for more than £7m, which would reflect a yield of 5%.

They could be demolished and redeveloped, providing Richmond with its only brand new office space.

 

FM tunes into Edinburgh

CALA Properties and FM Developments have bought West Side Plaza in Edinburgh for £18.2m, a 6% yield. The developers bought the 200,000 sq.ft. shopping centre from former Hammerson Directors Nick Desmond and Roger Gotham’s Bride Hall Holdings and plan a 60,000 sq.ft. extension. Springford & Co advised the developers. Mason Owen acted for Bride Hall

 

Volatile Market – Healthy Pipeline – Despite a difficult market, developers are pressing ahead with a number of key schemes.

Bride Hall and Warner Estates have stared work on the 200,000 sq ft Bouverie Place in Folkestone, due to be completed next summer. Tenants include ASDA, George, Bhs and Next.