Property agents appointed to secure tenants for shopping centre

The new owners of a Birmingham shopping centre have appointed property agents to attract tenants.

Europa Capital and Sovereign Centros acquired One Stop shopping centre and retail park in Perry Barr for £69m from Standard Life Investments in December.

The vacancy rate was 13% and now Cushman & Wakefield and Savills have been appointed as agents. The partners were represented by Savills on the original deal.

Adam Lazenbury, partner in Cushman & Wakefield’s Retail team, said: “We are delighted to have been appointed by Sovereign Centros and Europa Capital to help them achieve their goal of delivering a shopping experience which meets the changing needs and requirements of the centre’s catchment area. 

“Significant changes are planned in the area and we look forward to helping take the asset forward in these exciting times.”

Located three miles from the centre of Birmingham, the 380,000 sq ft One Stop scheme sits on a 28-acre and was constructed in 1990. It comprises two elements – a shopping centre anchored by Asda and a retail park. Key retailers include Marks & Spencer, New Look, Wilko, Nike and Sports Direct.  
 
In addition to attracting new tenants, Cushman & Wakefield and Savills will also be providing strategic leasing advice across the whole asset.