Addington Capital, in partnership with the shopping centre owners, have acquired the former M&S unit at the front of its Harvey Centre Shopping Centre in Harlow, to extensively refurbish and redevelop into eight modern retail units.
The building consists of circa 60,000 sq ft of floorspace over three levels and Addington are to refurbish and reconfigure the space to provide a variety of units ranging in size from 1,500 sq ft – 30,000 sq ft to provide modern retail floorspace. The new units are due to be ready for occupation in Spring 2016. GCW acted for Addington Capital in this acquisition.
This is the latest deal at the Harvey Centre, Harlow which Addington acquired in a joint venture in March 2011 as part of the Sapphire Shopping Centre Retail Portfolio. Recent lettings within the scheme include new leases to Specsavers, Haart Estate Agents, Creams Café, Subway and Real China Restaurants. The new £10 million Leisure Development at the Shopping Centre, branded as ‘The Terrace’ is currently being constructed on site and is due to open in Autumn 2016 with pre lets secured to Cineworld, Prezzo, Tinseltown and Real China.
Commenting on the deal Alex Wagstaff, Partner at Addington Capital said, ” We are delighted with the significant improvements we have been able to deliver so far in Harlow and this acquisition of the former M&S unit at the main entrance to the scheme, will enable us to invest in a prominent town centre property and provide further floorspace for quality retailers.
We have had a fantastic response so far from national operators for these new units, with over 70% of the floorspace already under offer. 2016 plans to be an exciting year for the shopping centre with the opening of these new retail units and the launch of the new leisure development in Autumn 2016’’.
Councillor Tony Durcan, Portofolio Holder for Regeneration and Enterprise at Harlow Council, commented: “We are delighted that this prominent town centre building has been acquired by the owners of the Harvey Centre and welcome their investment. The Council is committed to improving the vitality of Harlow Town Centre and this news, together with the opening of the new leisure scheme next year will have a huge, positive impact on the town centre.”
