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September 2011 ...Click here

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31 May 2011 ...Click here

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23 May 2011 ...Click here

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AGL succeeds at Trinity Walk

AGL have been successful as joint letting agents for the first of only three new shopping centres opening in 2011.

The glitzy launch of Wakefield’s stunning new 500,000 sq ft shopping centre, Trinity Walk, on May 6th 2011 was a distant dream only two years ago. In a terrible market, with construction halted when only a quarter built, things were looking bleak for the scheme.

Then came the announcement in November 2009 that a joint venture between Sovereign Land, AREA Property Partners and Shepherd Construction had purchased the centre. This was shortly followed in February 2010 by Angermann, Goddard & Loyd being appointed alongside Lunson Mitchenall as sole joint letting agents, and new life was breathed into the scheme.

"When we took on the scheme it was literally a hole in the ground, with rusting frame of steelwork," remembers Mark Talbot, AGL Director.

Trinity Walk, February 2010

AGL and Lunson Mitchenall had to secure new prelets whilst also maintaining the original ones. During this time, Trinity Walk faced competition from the Ridings shopping centre, which had undergone a multimillion-pound regeneration in 2009 by the Moorfield Group.

Despite this, the team confounded expectations and poor market conditions to open just 15 months later, on time on budget and nearly 90% let. 26 lettings were completed in this busy period, with a further 6 in solicitor’s hands as of opening day. This was achieved through extremely tenacious and creative methods, personified by the way the deal with Pulp, the alternative clothing and music merchandise store, was completed (click here).

Max La Frenais, Leasing Director at Sovereign Land, joint developer and development manager of Trinity Walk, says "I’ve been delighted to see how the lettings programme has progressed between February 2010 and May 2011. With the ongoing enthusiasm the team displays I have no doubt this success will continue, and I expect the letting campaign to be completed very soon."

Trinity Walk, May 2011
 

"I have not experienced letting conditions as bad as this in all my 23 years experience,” says Mark Talbot. “It’s been a fantastic project to date, and I’m relishing the further challenges involved in completing the letting of what I describe as 'our Bluewater'."

The completion of Trinity Walk means Wakefield jumps up the national retail rankings-rising 24 places to 57th in CACI National Retail Footprint Ranking, and increases Wakefield’s retail offer with 80% more quality space. So, there has been a good ending after all, from the most inauspicious of beginnings.

Case Studies

AREA/Capital & Regional AGL advises AREA on successful retail warehouse fund investment.   Click here