Swansea’s Quadrant Shopping Centre has been bought by Centurion, a Swansea based retail property and regeneration company, which has a strong track record for success in regeneration and bringing new retail offerings to Swansea.
Centurion has been behind the recent success of Parc Tawe retail park which it purchased in 2019. At just 40% occupancy at the time of purchase, it is now at 95% occupancy and is home to national retail and leisure household names including Odeon, Aldi, Iceland, Ninja Warrior and B&M.
In 2020 the company also developed the retail and housing complex on Newton Road in Mumbles which has seen a Marks & Spencer food store and nine apartments breathe new life into an underused part of the village. The store is now one of the busiest shopping basket stores in the UK.
Centurion has bought the leasehold for the Quadrant for a term on 999 years from national pension fund, Coal Pension Properties Limited. Swansea Council owns the freehold on the shopping centre, which is home to major retailers including WHSmith, Boots, Goldsmiths and Superdry.
On the purchase of the Quadrant Shopping Centre, a company spokesperson commented: “We are extremely passionate about the regeneration of Swansea city centre. The Quadrant was previously owned by a major UK pension fund and was not at the top of its list of priorities. Under our local ownership, we are better placed to manage and improve the Quadrant and to attract new exciting tenants. Working closely with Swansea Council, it is our intention to put the Quadrant back at the heart of the city centre. We have proved our ability to regenerate with Parc Tawe going from strength to strength under our ownership in just a few years, all achieved despite COVID and the recession that followed.”
Rob Stewart, Leader of Swansea Council, said Centurion’s purchase was very welcome and the council is looking forward to working with them as the next phase of re-shaping the city centre continues.
He said: “Centurion is a local company with extensive experience in commercial property investment and a strong understanding of Swansea’s ambition. They’re passionate about Swansea and their purchase of the Quadrant Centre is yet another vote of confidence in the work the council is leading in city centre regeneration.
“We look forward to working in close partnership with them as our city centre’s £1bn transformation continues for the benefit of local people and local businesses.
“This is part of our commitment to deliver a vibrant city centre for living, working, enjoying, visiting and studying.”
Key company executives, Jane White and Adam Gibbons will be driving the strategy for the Centre and working with all suppliers and new retailers to increase occupancy levels.
Jane White comments: “As a local, independent business, we have the freedom and flexibility to create deals and cut the red tape that can sometimes prevent retailers from opening new stores. We offer a more personal approach and are proud of the relationships that we have built with retailers and leisure operators throughout the city both at Parc Tawe and in Mumbles.
“We have a strong track record of working with local suppliers and we have a policy of exclusively working with suppliers from a 30-mile radius of our sites which means that over £1m will be coming back to the Swansea economy through Centurion’s ownership of the Quadrant. Over time this will allow us to end expensive contracts with national suppliers and bring that spend back to Swansea, with the intention of reducing running costs for our existing and new tenants.”
Adam Gibbons added: “As a team that is committed to regeneration and improving Swansea, we are excited about all the possibilities that the Quadrant offers and we will hit the ground running, with two new retailers already at advanced stages of letting space with us. We know the challenges that affect Swansea city centre, and we feel that this is our chance to make a real difference and increase footfall in the city.
“We plan to strengthen our relationship with Swansea Market which is one of the city’s greatest assets as well as our closest neighbour, and we also look forward to working with other city centre stakeholders and businesses with the common purpose of driving Swansea forward.”
As part of the sale, Centurion will be bringing asset management in house, it is hoped that by moving to an owner managed model, Centurion can be agile in its approach to bringing in new tenants. The company already has established relationships with national retailers as well as local businesses who are ready for larger retail space. Centurion’s sole focus is on retail regeneration in South Wales and this latest asset to join its portfolio of thriving retail destinations is testament to the business’s commitment to improving the local area.