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Old April 14th, 2011, 10:29 PM   #41
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I have always thought some retail units in glass boxes within the space would be nice. I've seen something similar somewhere abroad
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Old April 14th, 2011, 11:48 PM   #42
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thats what I was thinking floor to ceiling glass, I think it would be best suited for a convinience store or cafe, couldnt see a clothing retailer or something opening there
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Old April 15th, 2011, 12:44 AM   #43
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Very good idea that is! shame it won't happen
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Old April 15th, 2011, 01:43 AM   #44
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I think the best solution for this area would be to demolish the elevated viaduct and lower Suffolk Street so it has gradual incline from Holloway Circus. Secondly, both sides of the roadway could be lined with London Plane trees; shrubbery behind the trees would hide the road and also soften its impact. Thirdly, a wide contemporary footbridge connecting from the Mailbox entrance spanning horizontally above the road to a newly built square where the Red Cage car park is now...........
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Old April 15th, 2011, 02:32 AM   #45
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1 word = Money
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Old April 28th, 2011, 05:50 PM   #46
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Brockton Capital and its retail specialist partner, Milligan, have begun a detailed review of the shopping provision in its newly acquired scheme, the Mailbox

The £127.1m asset was bought from the administrators of Birmingham Mailbox last month, a company founded by local developers Alan Chatham and Mark Billingham.

The 640,980 sq ft scheme has 200,000 sq ft of offices, 150,000 sq ft of retail, 70,000 sq ft of restaurant space and a 686-space public car park. “With Milligan, we are evaluating our options in terms of a physical reorganisation, marketing ideas and what other tenants we might be able to bring in,” says Tony Edgley, partner at Brockton.

“We are envisaging that it must stay as a high-end offer, because the Bullring is incredibly successful as a mid-price centre and it is pointless trying to compete in that way. Years of hard work would be tossed out.”

Milligan is a minority investor in the asset, which is held in a special purpose vehicle within Brockton’s Brockton Capital Fund II. One of its first tasks will be to decide on the future of a 40,000 sq ft empty space at the back of the building’s first floor.

“We have our eyes wide open. We could make it the funkiest office space in the city, more akin to a Soho loft than the likes of Brindleyplace,” says Edgley. “Equally it could be a Waitrose, but we don’t want a furniture store, as we want a footfall driver and for it to be busy.”

http://www.propertyweek.com/news/bro...017338.article
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Old April 28th, 2011, 06:17 PM   #47
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Most likely be a waitrose then! Hopefully!
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Old April 29th, 2011, 12:19 AM   #48
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Waitrose would definitely bring in people, if signed right too

Here's a random photo i got on a little walk around town

image hosted on flickr
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Old June 14th, 2011, 10:23 PM   #49
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Saw some guys from Gleeds surveying the front of the Mailbox during the last couple of days.

We should hopefully see some details of the reconfiguration plans by the end of the year.
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Old August 4th, 2011, 12:32 AM   #50
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Miller & Carter - where the Ha Ha Bar was

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Miller & Carter - Stakehouse-Bar-Grill by ell brown, on Flickr
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Old April 10th, 2012, 04:53 PM   #51
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Old April 10th, 2012, 11:48 PM   #52
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40,000 sq ft is a tough size to let in the city I guess... too big for most retailers, but too small for a department store.

It needs a bit of imagination... Some sort of tourist attraction wouldn't be a bad thing, or is it too small for the City's modern art collection? Exhibition space for the big touring exhibition like the Titanic/Dr Who/Star Wars/James Bond type thing?

Those are just off the top of my head, I'm sure people on here could think up something better.
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Old April 11th, 2012, 08:16 PM   #53
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What about a Legoland Discovery Centre

http://en.wikipedia.org/wiki/Legoland_Discovery_Centre
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Old April 11th, 2012, 11:50 PM   #54
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We were told by the new owners a couple of months back that they would be making some big announcements shortly about new tenants, guess that was a bit pre-emptive.
There is a pretty hefty footfall threough the Mailbox these days, can only imagine the rents are too high.
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Old April 12th, 2012, 12:06 AM   #55
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I originally thought a Lego Discovery Centre but I don't think it would fit in well with the Mailbox, It would bring the footfall but unless they changed the market of the mailbox to mixed retail instead of high end retail, I doubt it would do much for them in terms of retailers. Waitrose, M&S Simply Food, a high end food market or cinema du lux would work best in the large unit
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Old April 13th, 2012, 03:46 AM   #56
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Quote:
Originally Posted by nigeman View Post
We were told by the new owners a couple of months back that they would be making some big announcements shortly about new tenants, guess that was a bit pre-emptive.
There is a pretty hefty footfall threough the Mailbox these days, can only imagine the rents are too high.
Yep.. what strikes me is the lack of independent shops in there - boutiques that could potentially cater for high end fashion...
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Old May 26th, 2012, 10:42 AM   #57
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Interesting article in EG regarding the problems at the Metroquarter in Liverpool. Very strong parallels with the Mailbox.

Metroquarter: the upmarket downer
By Annabel Dixon | Retail | 26-05-2012 | 07:00 | Print
Billed as Liverpool's Bond Street, the 133,000 sq ft Metquarter shopping centre in Liverpool opened to great fanfare in 2006 as the go-to destination for the city's WAGs.

In mid-2007, just as the retail investment market was beginning to cool, developers Milligan, Richardson Developments and JW Kaempfer sold the glitzy mall to Anglo Irish Private Banking and Alanis Capital, the investment vehicle of the Dublin-based McCormack family. It fetched around £87m, a yield of circa 5%.

That price was £10m below asking, but today it looks positively eye-watering as the very same shopping centre is brought to the market at 70% less than it sold for in 2007.

Last week, Estates Gazette revealed that Savills had been appointed to sell the Metquarter for around £25m – a circa 8% yield – in a consensual sale led by Irish Bank Resolution Corporation, the vehicle set up to wind down Anglo Irish (p41).

The Metquarter was one of a number of investments Alanis and Anglo Irish teamed up to buy during the property boom. Other shopping centres they jointly own include the 240,000 sq ft Kennet mall in Newbury, Berkshire, and the 80,000 sq ft Royal Exchange in the City of London.

They were thought to be included in the proposed sale of the property arm of Anglo Irish Private Wealth to Green Property in 2009 and then to Key Capital earlier this year. However, both deals collapsed. IBRC will now try to sell the properties itself individually over five years, with the Metquarter likely to be the first on the block.

When the Metquarter opened, it boasted 40 upmarket tenants – 39 of which were new to the city – such as Armani Exchange and LK Bennett.

Many of the retailers are understood to have opened on lease deals with rent increases linked either to inflation or turnover, rather than rent reviews. Both the landlord and tenants profited from the model when income levels were at the top of the market.

However, since then, the Metquarter has been buffeted by the cold headwinds in the wider retail market. Retailer collapses at the mall have included Miss Sixty, jewellery retailer Azendi and its anchor store, Flannels.

Since 2008, the Metquarter has also faced stiff competition from Grosvenor's 2.4m sq ft retail-led development, Liverpool One.

"Liverpool One has had a huge impact," says one source. "The Metquarter got to within 98% occupancy in 2006 and then Liverpool One hit it. It took the likes of Karen Millen, Coast and Hobbs. Metquarter's anchor store, Flannels, went into administration but stayed in Liverpool One [after it was rescued]. The Metquarter has lost tenants because it can't match Liverpool One [on deals]. The retailers can play landlords off against each other."

But Peter Burke, head of retail and a director at Mason Owen, argues that the blame cannot be pinned on Liverpool One. "If anything, Liverpool One has made Liverpool a stronger retail destination," he says. "But, in terms of value, the Metquarter was sold far too high. It's a victim of general economic conditions. The Metquarter set itself firmly at operators that are not looking at high footfall but high spend."

In recent years, the Metquarter has been fighting back. IBRC and Alanis have driven a clutch of new lettings at the scheme - many of which have been on traditional leases. It has secured Carluccio's, cosmetic brand Illamasqua and Patisserie Valerie as well as Jack Wills for the former Flannels store. Much of the centre is now let: around 75% of the total space (or 66% by shops) is occupied.

So who will take on this investment? Sources say there are around 15 to 25 parties that could be interested in the potential acquisition of the mall. Interest is likely to come from property companies and opportunity funds which like turnaround projects.

"It will attract interest. The big question is whether an investor can come up with a role for the centre in Liverpool's retailing future," says one investment agent. "On a capital value per sq ft basis, it looks good value, and certainly appeals at the price relative to the original build cost."

Milligan paid £17m for the site and paid Carillion £23m to build the centre. "But the bargain price tag is not enough of a reason to buy it," the agent adds. "You need to know you can keep it full of retailers and generate a future stable income stream."

Others warn that any new owner will have to redesign the centre to make a deal stack up. They argue that there is simply too much retail space in Liverpool now and that any new owner of the Metquarter will have to ensure the mall has a different offer to contrast with the mass market of Liverpool One and nearby Church Street. They claim that part of the Metquarter may even have to be converted to homes or leisure facilities.

"It is difficult to see the future for Metquarter in its current configuration arranged over two levels and 45 shop units, and hence significant reconfiguration or redevelopment and partial change of use are the most likely options for any owner," says Cushman & Wakefield's chief executive of retail, Justin Taylor. "Metquarter has inevitably suffered from having no anchor store or onsite car parking and has been completely overshadowed by Liverpool One."

"The interest will whittle away fairly quickly when parties realise the detail to the [amount of work involved]," adds another agent. "The Metquarter has fantastic tenants, but there is a lot of work to do."

Opened in 2006, sold for £87m in 2007 and now set to go on sale again for £25m - Annabel Dixon reports on Liverpool's Metquarter shopping centre's bumpy ride.
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Old May 26th, 2012, 06:58 PM   #58
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similar in terms of core retail but the major saving graces are the canal side location at the rear, the restaurants and bars - which are now heaving as we speak, Harvey Nics and Tesco Express - Should the Mailbox stay as a mixed retail led development or should they find a more office and leisure led mix - It'd certainly grab tenants because of it's close proximity to the station and future tram stop.
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Old May 26th, 2012, 07:00 PM   #59
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Quote:
Originally Posted by Typhoon2000 View Post
similar in terms of core retail but the major saving graces are the canal side location at the rear, the restaurants and bars - which are now heaving as we speak, Harvey Nics and Tesco Express - Should the Mailbox stay as a mixed retail led development or should they find a more office and leisure led mix - It'd certainly grab tenants because of it's close proximity to the station and future tram stop.
I love this part of town on a barmy summers evening, GAWJUS
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Old May 26th, 2012, 08:38 PM   #60
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I noticed the door men in Harvey Nicks were counting people in this week, must be checking footfall.
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