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Get in touch

02 August 2017

Business Context

Spanning 130,000ft2, Elgar Retail Park is located in Worcester’s established retail warehouse district of Blackpole Road (B4550), to the north of the city centre.  Tenants include Homebase, Halfords, Next and Dunelm.

Next at Elgar Retail Park

The Challenge

Legal & General Investment Management commissioned FSP to help inform their purchase decision for Elgar Retail Park

What we did

FSP undertook a detailed site review, supported by desk-based research and information held in our extensive databases

FSP used drive time software to model the catchment, evaluate population characteristics and expenditure and identify similar retail parks elsewhere in the UK for benchmark comparison

A review of pipeline retail developments was undertaken to identify future threats to trading performance

FSP analysed the trading performance and rent sustainability of each occupier at the site to evaluate income risk

FSP recommended a number of tenant, environment and marketing initiatives which would continue to drive value at the site post acquisition. 

Halfords at Elgar Retail Park

Result

Legal & General completed the acquisition of the site in May 2017 for £27.7m. FSP continues to work with Legal & General on a retained basis to provide support for ongoing leasing activity.

FSP’s detailed analysis of the scheme, in particular the performance of the different retailers, enabled L&G to make a confident decision to invest in a strong trading retail park. Going forward their market insight is sure to prove invaluable as L&G pursues a number of asset management initiatives.

Nic Elvidge, Senior Asset Manager, LGIM