Doughty Hanson & Co Real Estate - Retail Development - Reading, Broad Street Mall
Date: 16 Sep 2003
‘Food On First’ Opens At New Look Broad Street Mall.
Broad Street Mall, the 37,176 sq m (400, 000 sq ft) shopping centre in Reading, opened a new food court area as part of its £6 million refurbishment on 6th September.
Newly refurbished and reconfigured, ‘Food on First’ features four new branded catering operators - Burger King (202 sq m / 2,175 sq ft), Spud U Like (164 sq m / 1,760 sq ft), Villa Pizza (158 sq m / 1,700 sq ft) and coffee and snack bar Hungry? (104 sq m / 1,115 sq ft).
Broad Street Mall has been undergoing major improvements as part of a phased remodelling and rebranding programme. Phase one of the project, which includes a stunning new entrance, stylish new branding and a major refurbishment of the ground floor interior, has just been completed. Phase two is well underway with a major improvement of the first floor interior (including the new food offer) now nearing completion. In addition, new internal signage is already in place with new external signage to follow, including eye-catching banners and canopies.
The refurbishment has also created a new 2, 800 sq m (30, 000 sq ft) lower ground floor unit – the largest space currently available in Reading - as well as a new 1, 150 sq m (12, 000 sq ft) MSU adjacent to Argos, which is under offer to a leading national retailer.
In addition, key existing tenants such as Adams childrenswear and Atlantic fashions have expanded and improved their presence in the Centre.
Comments Gary Hale of managing agents ACR Commercial Property:
“The new look Broad Street Mall has generated strong demand from a number of national retailers. We have several opportunities remaining which are attracting interest - including two ground floor units around the central mall of 1,991 sq ft (185 sq m) and 3,943 sq ft (366 sq m) respectively over ground floor and basement”.
This major new investment at Broad Street Mall has been fuelled by the increased importance of both Reading as a retail destination and of Broad Street Mall within the town’s retail hierarchy. The project is a radical transformation and will help satisfy the very high demand for retail space in Reading and in the Centre.
Recent market research carried out on Broad Street Mall and in the Oracle Centre shows that Reading’s catchment and shopper population has increased dramatically since the opening of the Oracle. Most shoppers visit both centres viewing them as complementary to each other, being only three minutes walk apart.
Broad Street Mall is anchored by several major stores including Virgin, Argos and TK Maxx. Other national retailers include Adams, Claire’s Accessories, Game, Legends, Mark One, Superdrug and Thomas Cook.
Broad Street Mall is owned by Doughty Hanson & Co Real Estate, one of Europe’s largest independent private equity fund managers.
The letting agents are Blair Kirkman and DTZ Debenham Tie Leung. They have both also contributed to the design of the refurbishment, ensuring that the work reflects the needs of retailers. ACR Commercial Property & Consultancy International are providing investment, asset management and retail advice. ACR are also the Centre’s managing agents.
The architects are Haskolls and construction was undertaken by Henry Boot, with project management by Cyril Sweett & Partners.
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