Delivering on Cambridge Potential Following Pre-Purchase Advice

Client: Legal & General

The Grafton Shopping Centre was purchased by Legal & General (L&G) in 2015, following pre-acquisition advice which included a full tenant audit, gap analysis and liaising with potential occupiers.

The Brief

The Grafton Shopping Centre was purchased by Legal & General (L&G) in 2015, following pre-acquisition advice which included a full tenant audit, gap analysis and liaising with potential occupiers. As the ambition was to repurpose The Grafton away from a traditional retail shopping centre, we also liaised with the appointed architects and development managers to discuss how best to reconfigure and repurpose certain elements of the scheme, including an old department store occupied by BHS to provide much-needed leisure elements, as well as new entrances and internal circulation. MMX remained involved in the scheme thereafter, providing retail, leasing and asset management advice.

The Result

The £30m refurbishment and subsequent asset management of The Grafton Shopping Centre - which is one of two main retail schemes in Cambridge - led to a signficant increase in retailer demand for space and footfall. It was more a case of Urban Agency than traditional Retail Agency which led to results, including:-

• Attracting Decathlon to Cambridge in a new 15,000 sq ft store
• Upsizing H&M - more than doubling in size to 30,000 sq ft
• Securing the relocation of River Island from the historic city core to Grafton
• Repurposing a department store to include:

5 traditional F&B units
Food social – including 3 pod F&B units
17,500 sq ft Pure Gym
Securing the co-working brand x+why for 15,000 sq ft
Planning obtained for a 150-bed Premier Inn Hotel
Launching the Grow at Grafton initiative – an opportunity to provide a varierty of strong local independent retail offers

The second-ever Sook store in the UK offering adaptive consumer-facing space
Working up a variety of offers on the 120,000 sq ft ex Debenhams store including:
- Retail – 2 x offers of 25,000 sq ft+ each
- Leisure – 2 x offers of 30,000 sq ft+ each
- Education
- Offices