Background
Cited Property advised Sheet Anchor Evolve, part of M Core, on the acquisition of Vicar Lane Shopping Centre in Chesterfield.
Vicar Lane is a modern, open-air shopping centre located in the heart of Chesterfield. The property is held on a long leasehold basis and provides approximately 202,562 sq ft of retail accommodation, together with a 400-space car park.
The Challenge
Cited Property supported the client in identifying and acquiring the most prominent in-town shopping destination in Chesterfield. The asset was purchased on attractive terms aligned with our client’s investment objectives. A key challenge was to find solutions for the vacant units and reduce the level of irrecoverable costs.
Our Approach
Leveraging our strong retailer relationships and in-depth market knowledge, we identified Vicar Lane as a shopping centre with significant potential for growth. Letting the vacant units and renewing or regearing leases presented an opportunity to enhance both the WAULT and the tenant mix.
We were aware of a number of national retailers seeking representation in the town and identified suitable MSU units within the scheme. We engaged with these retailers to agree commercially attractive terms.
We also worked closely with our client’s property management team to review occupational costs and implement reductions where appropriate, ensuring the scheme remained competitive and appealing to occupiers.
The Result
Our strategy delivered tangible improvements to the performance of the centre, including:
- Rental growth
- Reduction in service charge
- Terms agreed to let vacant units and enhance the tenant mix
The purchase completed in July 2025. By aligning the marketing strategy with occupier demand, we maximised income for the landlord and created a vibrant cluster of operators in a key retailing location. Asset management initiatives are progressing successfully, positioning the scheme for further growth.
