Elgar Retail Park, Worcester - Pre-Acquisition Assessment

 

About the brand

Spanning 130,000ft2, Elgar Retail Park is located in Worcester’s established retail warehouse district of Blackpole Road (B4550), to the north of the city centre.

Tenants include Homebase, Halfords, Next and Dunelm.

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The Challenge/Task

Legal & General Investment Management commissioned Pragma to help inform their purchase decision for Elgar Retail Park.

WHAT WE DID

  • Pragma undertook a detailed site review, supported by desk-based research and information held in our extensive databases

  • Pragma used drive time software to model the catchment, evaluate population characteristics and expenditure and identify similar retail parks elsewhere in the UK for benchmark comparison

  • A review of pipeline retail developments was undertaken to identify future threats to trading performance

  • Pragma analysed the trading performance and rent sustainability of each occupier at the site to evaluate income risk

  • Pragma recommended a number of tenant, environment and marketing initiatives which would continue to drive value at the site post acquisition

The Result

Legal & General completed the acquisition of the site for £27m. Pragma continues to work with Legal & General on a retained basis to provide support for ongoing leasing activity.