Addington, in partnership with the shopping centre owner EPISO, an opportunity fund advised by Tristan Capital Partners, has completed the total redevelopment of the former M&S unit at the front of its Harvey Shopping Centre in Harlow, Essex and announces a series of eight lettings in the new space:
• Nationwide has taken 4,730sq ft. of space on a 15-year lease with a 10-year break.
• Exercise 4 Less, the new gym club has taken 30,105 sq ft. on a new 15-year lease
• Holland and Barrett has taken 2,250 sq ft. on a 10-year lease
• Starbucks has taken 1,500 sq ft. on a 10year lease
• Papa’s Café has taken 2,300 sq ft. on a 15-year lease
• Peacocks have taken 4,475 sq ft. on a 10-year lease
• F Hines has taken 1,800 sq ft. on 10-year lease
• Gym’s Kitchen has taken 2,370 sq ft. on a 10-year lease
The owners acquired the circa 63,000 sq ft building, over three floors, from M&S in August 2015. As asset managers, Addington immediately set about to strip out the unit and reconfigure the space to provide NINE new units of varying size, ranging from 1,500 sq ft. to 30,000 sq ft. of modern retail floor space. All units are on ground floor except for Exercise 4 less Gym which has taken circa 1,000 sq ft. on the ground floor with 30,000 sq ft. over the entire first and second floors.
All the new tenants will be open for Christmas 2016 with the exception of Nationwide who will open in the New Year.
These lettings leave only one unit of circa 3,6565 sq ft to let that will be launched for marketing in the New Year.
Alex Wagstaff, Partner and Head of Retail at Addington said, “This has been a major refurbishment – taking a prominent town centre building that was totally dated and unfit for purpose to create modern space attractive to tenants. The take up of the units show there is great demand for retail space within the town centre, provided we meet the modern space requirements of today’s national retailers.”
“We are delighted with the success of the project and look forward to the new units opening in line with the new Cineworld cinema which is also due to in December. With all the new arrivals we are expecting a very busy Christmas at the Harvey Shopping centre.”
This is the latest development at the Harvey Centre, Harlow, which Addington acquired in a joint venture in March 2011 as part of the Sapphire Shopping Centre Retail portfolio. The owners recently announced their intention to open the £9 million leisure development branded as “The Terrace” in December 2016 along with a series of other restaurant and leisure letting deals on the site.
Joint letting agents on the shopping centre are Anthony Appleby at Brasier Freeth and Harry Wildsmith & Chris Hovington at GCW.
