Manchester, Arndale Shopping Centre / Market Street / New Cathedral Street

Arndale
Asset management of the Manchester Arndale Shopping Centre and New Cathedral Street assets. Sovereign Centros is appointed by M&G Real Estate to drive value and achieve asset performance through the delivery of key business plan initiatives.
  • Core City Centre holding representing Manchester’s key City retail offering
  • The assets comprise 1.8 million sq ft of retail, leisure, office and catering space
  • 250 stores anchored by Next, Sports Direct, Boots, Zara, King Pins and Aldi
Arndale
Arndale

Business Plan & Achievements

Key initiatives include the reconfiguration and reletting of the former Top Shop. The space was subdivided which resulted in increased letting demand and tenant interest. The vacancy was absorbed by 3 key lettings to Nike, Gilly Hicks and Clarks. The tenants opened their stores in Q3 2023.

30,000 sq ft of vacant space was remodelled for a key leisure entrant King pins.

Throughout 2023 the asset team completed 12 new lettings, 22 lease renewals and 4 lease re-gears. This resulted in a reduction in ERV running void from 6.71% to 5.27%.

Across 2023 overall tenant fitout investment totalled £16.6M.which is the highest annual fitout investment since 2006.

The asset outperformed the full year MSCI Shopping Centre benchmark by 9.10%

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