Cited property has advised Evolve Estates and LCP, both part of M Core, on the acquisition of Washington Square, Workington.
Washington Square comprises 251,369 sq. ft., making it the premier pedestrianised retail centre in Workington, a vibrant coastal town in Cumbria. The scheme hosts a diverse mix of 64 commercial tenants, featuring prominent anchor retailers such as TK Maxx, Next, River Island, and JD Sports. The centre also offers a 427-space multi-storey car park.
Initial Challenge
Cited Property helped our clients identify and acquire the most prominent shopping destination in Workington. Despite competition from other investors and competitive bidding, the asset was purchased at attractive terms, that align with our client’s objectives.
Insight and Planning
Washington Square appealed to us and our client because of the sustainable blend of convenience, amenity services, fashion and F&B uses that the scheme offers at attractive levels. Cited Property’s retailer relationships and knowledge helped us identify this shopping centre as one with great prospects for continued recovery and growth. Letting the vacant units and renewing or regearing tenancies with imminent lease events provide an opportunity to improve the WAULT.
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 October 2023 at terms exceeding our client’s objectives. The asset management is progressing successfully.
