Cited Property helped our clients identify and acquire one of the major shopping destinations in the North East. The asset was secured despite the vendor having received multiple other credible offers.
Insight and Planning
The Bridges appealed to us and our client because of the resilient performance of the occupiers. Cited Property’s retailer relationships and knowledge helped us identify this shopping centre as one with great prospects for continued recovery and growth. The former Debenhams unit, which was vacant at the time of the purchase, presents an opportunity to let the space to a leisure operator. The property is held long leasehold with Sunderland City Council being Freeholder, presenting an exciting opportunity for our clients to engage with the local authority.
Actions
Having helped secure the purchase amidst other competitive bidders, we helped our client underwrite the purchase with a full occupational audit and asset management plan. This including progressing terms with potential new occupiers.
Result
The purchase completed in July 2024 at terms exceeding our client’s objectives. The asset management is progressing successfully.
