London based investment and asset manager, Ellandi, has acquired The Strand Shopping Centre in Bootle for an undisclosed sum.
The community shopping centre specialist has assumed ownership of 356,700 sq ft of retail space with tenants including Marks & Spencer, Tesco, Boots and New Look.
Centre manager Rob Clarke believes Ellandi’s involvement in The Strand will allow the centre to achieve its potential.
He says; “Ellandi has a proven track record in managing community shopping centres like The Strand and the expertise to unlock the potential of this scheme.
“The team has already identified key improvements.
“With a portfolio of shopping centres similar to ours, Ellandi has already been able to find the answers to some of the issues faced by The Strand.”
Sefton Council and the local business community have welcomed Ellandi to Bootle, and have confirmed that the developer intends to put forward a number of proposals to improve the area surrounding The Strand.
Ellandi has already confirmed that the signage and graphic identity of The Strand will be the first step in a range of improvements, along with tackling the centre’s vacancy rate by negotiating lease deals with new retailers. In the longer term, it intends to refresh the entrances to the centre, particularly in the area facing Stanley Street, and redevelop the interior in order to create space for a new anchor store.
Asset manager at Ellandi, Richard Hutchinson, pledged to implement any changes as swiftly as possible in order to attract local consumers.
He said; “After a prolonged period of decline, we understand that shoppers at The Strand are impatient for change.
“With our proven track record of turning around older community schemes we are looking forward to rolling up our sleeves and transforming The Strand into a scheme that meets both modern retailer requirements and the shoppers’ expectations.”
Managing Director of Elandi, Morgan Garfield is delighted by the acquisition and hopes to add further assets to the company’s £325m portfolio.
“The smooth process of due diligence, acquisition management and funding, investor liaison and efficient deal execution is a testament to the expertise and resources at Elandi,” he said.
“Together with our joint venture partners and equity relationships we look to build on this and make further acquisitions for the platform in the near future.”
With Neil Bird