Hark Group has been appointed as asset manager for the Eastgate Shopping Centre in Basildon, which was acquired by InfraRed Capital Partners from British Land in January 2014.
The scheme comprises of 700,000 square foot of retail space among the supermarket and 111 shop units, but also includes a gym, two office buildings and a multi-storey car park with 696 spaces. Major retailers include Asda, Debenhams, Superdry, New Look, H&M, River Island, Topshop, Next and Primark. The mall has an annual footfall of 14m.
Basildon ranks 70th of the Promis Centres in terms of the volume of comparison retail spend available in the catchment area and is forecast to see significantly above average growth in the available pool of comparison spending.
This transaction reflects the Partners' appetite for good secondary assets, dominating the catchment of the town and drawing a strong footfall with wide potential for asset management opportunities. Hark and InfraRed are to embark on a programme implementing a number of value-add initiatives.