Savills have undertaken the Retail Agency role (asset management and lettings) on Abbeywood retail Park in North Bristol since 2017, initially with a joint agent but have been sole agents since 2022.
- After our Investment team advised Invesco on the acquisition of the scheme, we have supplied advice from our dedicated specialist teams including Retail Planning, Development and Lease Consultancy to complement our agency work.
- The scheme comprises 17 units extending to circa 150,000 sqft of retail and leisure plus an 85 bed hotel, anchored by Asda, Matalan and B&M. Other occupiers include Pets at Home, Poundland, Pure Gym, Costa, McDonalds. Loungers and Nando's.
- In 2021 our client wished to explore a diversification of income away from retail, and we were instructed to explore the development potential of a 2 acres site on the front of the scheme. Our development and agency team worked through multiple development scenarios and appraisals for a wide range of alternative uses, including office, residential, student, leisure and trade. We agreed upon a new hotel and drive thru combination. After marketing the opportunities, conditional agreements for lease were exchanged with Travelodge for a new build 85 bed hotel plus a new drive thru for Greggs.
- Our Bristol Planning Team then embarked upon seeking a detailed planning consent for the two new elements which was secured in late 2022. The planning team were able to exploit their strong contacts within South Gloucestershire Council. The construction phase is now well advanced on both elements, and practical completion is expected in May 2024.
- Each letting required a detailed specification to be agreed, very detailed heads of terms, coordination approached with agency and planning, followed by extensive negotiations on going through the legal process.
- In addition these 2 new builds, we agreed a new letting to Loungers in 2023, (their second retail park unit in the UK) and regears with B&M, Subway, McDonalds and Pets at Home.