Addington Capital, the property investment and asset management company, in partnership with EPISO, an opportunity fund advised by Tristan Capital Partners, has completed two further deals at its Union Square Shopping Centre in Torquay;
- That’s Entertainment has taken a three year lease on circa 3,000 sq. ft.
- Greggs has taken a fiveyear lease on circa 2,200 sq. ft.
The centre is now 99%: let, with only one vacant unit.
The owners acquired Union Square in August 2014 and Addington has been actively managing and investing in the centre since, undertaking a sustained programme of creating larger shop units thoughout the centre in order to modernise the scheme and make it fit for purpose for modern day retailer requirements.
This initiative has succeeded in delivering a diverse and well let tenant mix and the centre is now firmly positioned as the value offer in the town. Last year it secured Poundworld as a new tenant who signed a 10 year lease on a 4,000 sq ft retail unit complementing existing retailers at the centre including Wilkos, Iceland, Peacocks and The Entertainer who opened in 2015.
The centre’s signage has also been completely overhauled and modernised.
Alex Wagstaff, partner at Addington Capital said, “Torquay is a popular English seaside destination and the Union Square Shopping centre is now a magnet for both locals and visitors to the town. The shopping centre has been significantly enhanced during our period of ownership and now boasts an excellent tenant line up generating a strong level of retail demand.”
