Fairacre acquired Arcades Shopping Centre in Ashton-Under-Lyne in Greater Manchester for circa £25m in 2015. The 140,000 sq ft scheme is Ashton’s dominant shopping centre and offers 500 car parking spaces with direct access to the malls. The Centre is currently 95% let with tenants including JD Sport, Wilko, New Look and Next who all contribute to an annual footfall of over eight million.
Fairacre continues to invest in Arcades Shopping Centre alongside the surrounding town centre regeneration. The adjoining bus station redevelopment and construction of new Council Offices and a college will help bring more shoppers into Ashton’s historical town centre.
• Fairacre acquired the only covered scheme in the town centre in September 2015 having undergone a refurbishment, including new escalators and lifts.
• Fairacre have completed 15 new lettings and renewals in the first 18 months of ownership with this tenant endorsement firmly cementing the Arcades as the town’s dominant shopping centre. There have been relocations of JD Sports and other retailers from the adjoining centre and replacement of short-term income with permanent tenants. We have also created a mall café to improve the A3 offer and customer dwell time as well as significantly enhancing mall income.
• In addition, we have undertaken a full review of expenditure to minimise occupational costs for tenants and landlord’s shortfalls, making significant savings to the service charge.
• We continue to implement our asset management initiatives to further improve income, WAULT and tenant mix whilst the Council’s ongoing town centre development raises the profile of the town.