Garness Jones’ experienced commercial management team has helped turn around business performance at four popular East Yorkshire retail arcades.
Work at the Orchard Centre in Hessle, Red Lion Court, in Anlaby, St Mary’s Court in Beverley and Kings Parade in Cottingham will improve future prospects not only for the owner, but importantly for many independent traders who are now operating from efficiently managed facilities.
All four arcades were acquired by the new owner as part of multi-million-pound deal last year, and having advised on the purchase, Garness Jones were instructed to manage the arcades by the new owner moving forward.
Zoe Clarvis, Commercial Management Surveyor, says the arcades, which were part of a large portfolio, were quickly identified as needing immediate attention.
“Like many multiple occupancy properties, a number of issues can develop over the years and if not addressed then there can be a chain reaction of events leading to unhappy tenants which if not resolved, can lead to unsatisfactory landlord and tenant relationships and increase void levels,” said Mrs Clarvis
“The number of empty units across the four sites was a clear concern when we took over the arcades and this wasn’t ideal for either the owner or tenants. Also, the average remaining contract lease terms at each of the arcades, with many agreements with tenants close to expiring required attention, which we looked to take an immediate step on.
“These four retail arcades are little jewels because they are all placed in good shopping locations and are ideal to house independent traders.
“On visiting each of the arcades and speaking to the businesses within them, it quickly became clear that there were a number of operational matters within the arcades which needed to be resolved also.
“We have found from experience that in situations such as this it helps to have an independent new voice involved, and that was a role we were able to play in managing the arcades for our client.
“We committed to speaking to the tenants face to face, to hearing their views on the issues they were facing, taking that feedback to the owner and to working to collectively find a way forward.”
Standards and service charge set to ensure facilities are maintained
Over recent months, various works have been undertaken in areas of the arcade including redecoration, installation of new CCTV and upgrade of lighting.
New tenants have been attracted to fill empty spaces and a new service charge budget established, and agreed with tenants, to ensure the arcades can be maintained to a high-standard moving forward, benefitting all through better ongoing management.
“We’ve placed a focus on making the arcades appeal to certain demographics in terms of the tenants in them and the retail offering they provide, and we’ve filled almost all spaces now,” added Mrs Clarvis
“This helps the independent retailers in the arcades to collectively appeal to the same kind of audience and therefore will hopefully strengthen visitor numbers and business performance.
“The new owner is very tenant focussed and that has really helped us as he has wanted to work with us to revamp these arcades and give extra value to the businesses there.
“It has been pleasing to be involved in breathing new life into these arcades, and strengthening their position for the future with sensible budgeting and investment.”
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