Shopping centres continue to be highly desirable assets for investors, with many taking the opportunity to extend or renovate existing floor space upon making an acquisition. This is the case for Evolve Estates, which has purchased Totton Shopping Centre in a deal worth just under £5 million and is now looking to redevelop the site to pave the way for a greater retail and leisure offering.
The 40,000 sq ft centre was previously owned by clients of CBRE Global Investors and has been a key aspect of Totton’s town centre for the past 50 years.
Evolve Estates is now examining the possibility of refurbishing the interior of the centre along with conducting extensive landscaping works to the exterior and adding as many as three new units to boost the existing tenant mix and build upon the centre’s popularity.
Spokesman Sebastian MacDonald-Hall believes that the planned additions will be welcomed by the local community.
He says; “We want to improve the tenant mix as well as offering more services to the local community and creating a local neighbourhood centre that people can be proud of.
“It’s a really good precinct but we’re a very hands-on company and like to improve our assets whenever we can.
“We’re looking to create an extra 6,000 sq ft of floor space, which would involve building one or maybe three new units – we are currently in discussion with local stakeholders, including the council, and look forward to regenerating the site.”
At present, Tatton Shopping Centre contains 23 units which are let to a mix of national and local retailers, yet has lost custom in recent years due to a lack of diversity. The new owner hopes that a full scale modernisation of the interior will aid in attracting new brands helping to keep a greater proportion of consumer spending in the regional market.
As the centre is a major link between the town’s Library Road and Commercial Road, there is certainly a strong opportunity to lift footfall by increasing the number of incentives for consumers to shop locally. Local councillor David Harrison has suggested that the landscaping works should include creating new seating areas and enhancing the existing paved zones to give the exterior of the centre a more family friendly ambience perfect for the small town atmosphere.
He says; “The precinct is a relic of the 1960s and not the most inspiring of buildings from an architectural point of view.
“I would very much welcome some investment from the new owners – anything that improves the appearance of the precinct will help make it a more attractive place to visit and shop in.”
Town clerk Derek Biggs added; “The centre is busy and vibrant but it could do with a more modern and attractive look, plus a greater variety of outlets.
“Most people love Totton but always say the range of shops is rather limited. I think they would welcome anything that improved the situation.”
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