Shopping centre specialist Ellandi further invests in St Austell
Posted by Western Morning News on 17th Apr 2015
A shopping centre specialist has strengthened its presence in the Westcountry after announcing further investment in St Austell.
Ellandi, together with lead joint venture partner Tristan Capital Partners, has acquired a block of five retail units adjacent to the White River Place Shopping Centre in the town.
The firm is the UK’s leading specialist shopping centre investor focusing on Community Shopping Centres throughout the UK.
It brought White River Place into its portfolio 2012 and has invested significantly in attracting new operators and driving footfall to the centre and St Austell as a whole.
The latest acquisition of retail units at 51-57 Aylmer Place borders the main square at White River Place and two of the key pedestrian entrances to the Centre, from Fore Street and Old Vicarage Place.
The units which together total about 250 sq m are ideally suited to smaller independent traders and are fully let to local tenants.
Ellandi said the acquisition fitted well with its corporate aim of investing in community shopping centres and supporting local business and the wider community in those areas.
Ellandi is already in engaged in active discussions with adjacent landowners in St Austell about the delivery of further improvements in the town, including working towards the development of Old Vicarage Place as a medium term goal.
Morgan Garfield, managing director of Ellandi, said he was delighted to be investing further in the town centre and in local businesses.
He said: “White River Place is a classic community shopping centre at the heart of its town and our initial acquisition and continuing investment is driven by a strong belief in the potential of the Centre and its important role in the economic and social wellbeing of the wider area.
“We have seen significant improvements at White River Place, with more visitors, new operators, free WiFi throughout the Centre and the success of the car park which now offers the best value parking in St Austell.”
Ellandi has pursued a highly successful growth strategy which has seen its portfolio grow to include 21 community shopping centres across the UK, with a total asset value under management of more than £700 million.
Mr Garfield added: “The opportunity to purchase these five retail units made sense in terms of their close proximity and direct frontage to the Centre, to Aylmer Square and with a view to the future potential for Old Vicarage Place, and is further evidence of our commitment to White River Place and the town of St Austell.”