Cradick Retail have been involved with Woolwich town centre since Powis Street Estates Limited acquired the Estate from Prudential. At the time of purchase it was identified that the town was undervalued as a result of a recessionary market and the closure over a number of years of the Woolwich Arsenal which was a major employer in the area.
Having acquired the Prudential properties, further acquisitions were undertaken with Cradick Retail advising on both values and the strategic benefits. Within a short period of time the Estate comprised approximately 1 million square feet of commercial space under management.
Active asset management, together with selective development, resulted in rental values doubling and the capital value of the Estate increasing three fold. The Agency and Development teams at Cradick Retail worked closely with their Professional colleagues in order to provide a cohesive approach to all negotiations. During PSE’s tenure, somewhere in the region of 40 new retailers have been introduced to the town, the majority of these being multiple concerns. In addition, an active approach to bringing dead space above shops back into use has been followed, resulting in the creation of 60 flats which has added in the order of £10 million pounds to the Estate’s capital value.
Other major development opportunities continue to be explored with Cradick Retail taking a pivotal role in liaising with development partners, the local planning authority and key stakeholders such as Greenwich Council.
Continued active asset management strategies are maintaining high occupancy levels whilst constantly seeking to improve the retail offer in the town centre to align with the substantial regeneration programme within the Thames Gateway.