Wolverhampton’s Mander Centre has been successfully acquired by private equity real estate fund manager Benson Elliot, with the new owner already putting into motion plans for a multi-million pound refurbishment.
The 620,000 sq ft shopping centre already houses more than 100 retailers with big names such as New Look, H Samuel and Costa Coffee all tenants of the development. However, the need for a refurbishment has been highlighted by consumers, as the “outdated” centre compares poorly to competitors in Merry Hill, Birmingham and even in nearby Telford.
Retail director at Benson Elliot, Peter Cornforth, believes a refurbishment would allow the Mander Centre to attract a new wave of tenants, thereby providing a stronger offering for customers.
He says; “We are delighted to have completed this acquisition, and are now looking forward to working with Wolverhampton City Council, the local community and our retailers to progress the planned refurbishment of the Mander Centre.
“Our vision is to enhance the retail offer, attract new retailers and bring new jobs and investment to help Wolverhampton realise its full potential.”
News of the acquisition broke earlier this week and was confirmed by previous owner Mander Investments, although the exact details of the sale are yet to be released.
Under current plans, the redevelopment will see a 90,000 sq ft anchor unit created at the Mander Centre in which department store chain Debenhams will trade across three floors. A display area will also be created for the iconic Rock Form sculpture by Barbara Hepworth, which will become the ideal central focus of a new public space.
Benson Elliot’s plans have been welcomed by Wolverhampton City Council, which believes the refurbishment will provide a strong boost to the local economy.
Cabinet member for economic regeneration and prosperity, Councillor Peter Bilson, believes council investment into public transportation played a role in attracting Benson Elliot to Wolverhampton.
He continued; “It’s a clear sign of the progress Wolverhampton’s making that a major private equity firm like Benson Elliot should want a stake in the city’s future.
“Benson Elliot’s purchase of the Mander Centre will bring new opportunities to the city centre – and with them the potential of new jobs and greater prosperity for local people.
“Benson Elliot has great plans for the Mander Centre and, on behalf of the council and all its partners, I’d like to welcome them to a city that is really making it happen.”
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