Background
9–11 Cricklade Street, Cirencester occupies a prime pitch within Cirencester town centre, comprising two adjoining retail units. The larger of the two units was formerly a Woolworths, more recently occupied by Poundland, who exited the unit upon expiry of their lease. The adjacent smaller unit, was let to Mountain Warehouse, which continued to trade but with only a short-term remaining on their lease.
Our Approach
We conducted a detailed assessment of the asset and surrounding retail landscape to determine the best course of action. Our approach included:
- Market Analysis: Reviewed local demand, rental levels, and retail trends in Cirencester to identify viable occupier types and repositioning opportunities.
- Asset Management Strategy: Explored reconfiguration options for the larger unit, including subdivision or full redevelopment potential.
- Marketing Strategy: Initiated a proactive marketing campaign targeting both national and regional occupiers suited to Cirencester’s demographic and footfall. Held discussions with retailers not represented in Cirencester, or retailers that might consider relocating or upsizing.
The Challenge
The main challenge arose from the large void left by Poundland’s departure. The unit, whilst having a large floor area over multiple floors, had a very compromised frontage, making it unsuitable for subdivision into multiple smaller units. This presented a significant issue in a market with limited demand for large retail spaces – particularly in Cirencester, where existing retail park provision further diluted interest in town centre large-format retail.
Additionally, with the Mountain Warehouse lease approaching expiry, there was uncertainty around the future occupation of both units.
Our Approach
Understanding the limited appetite for large retail units in the town, we undertook targeted market research, which confirmed clear demand for smaller units.
With knowledge that Mountain Warehouse were overtrading in their existing space and were undersized for their needs, we identified an opportunity to engage about an upsize.
We approached Mountain Warehouse to explore an upsize into the larger, newly vacant unit. This approach aligned both with their operational requirements and our goal of reactivating the larger space without subdivision, which would have been unviable due to the frontage constraints.
This would also allow us to re let their space, at market rent to another national occupier, Greggs, who had a long-standing requirement for the town.
The Result
Through our tenant network and market insights we were able to create value for the client by active asset management and leasing advice resulting in a problematic void being filled by a multi-national retailer and back to back to lettings with Greggs and satisfying a long standing requirement.
