UK Commercial Property Trust (UKCPT), advised by Ignis Asset Management, has completed an asset management initiative to create a new 6,000 square foot store for shoe retailer Deichmann at The Parade shopping centre in Swindon.
In order to facilitate the new store, UKCPT negotiated the relocation of two existing tenants, Savers Health & Beauty and First Option Fashions, to alternative premises at The Parade.
The result of the initiative has been to increase annual income from The Parade by GBP150,000 pa, to reduce void ERV at The Parade by 26 per cent, and to increase the average weighted period to lease expiry by three months to 16 years and four months.
Separately, UKCPT has agreed a conditional lease agreement for another unit at The Parade shopping centre, which, once finalised, will further improve occupancy, income and lease length the centre. The agreement is conditional on licensing and planning approvals, which are expected to be confirmed by the end of February.
David Rodger, portfolio manager at Ignis Asset Management, says: “These successful initiatives at The Parade in Swindon exemplify the type of active asset management that our team brings to the UKCPT portfolio. While the broader economy remains challenging, particularly in the retail sector, this type of work to maximise income from our properties and improve value is even more crucial, and these lettings are a strong endorsement of the team’s hard work.”