Parkway Shopping Centre
Bridges Property Alternatives Fund III
Date of Initial Investment
Challenge: Employment opportunities are not evenly distributed across the UK and economic underinvestment in deprived areas leaves property vacant, local demand untapped and local talent idle. Retail-led regeneration can be a powerful mechanism to stimulate growth, helping to boost the local economy, create jobs and generate a community culture. With the decline of traditional manufacturing, the retail sector has proved a key source of employment, becoming the third largest service sector employer in the UK. Retail employment opportunities go to a wide range of socio-economic groups including low income families and disadvantaged groups, and help support and promote social inclusion.
Investable solution: Underused community shopping centres present an opportunity to use this retail-led growth to directly benefit local economies. Bridges has teamed up with Ellandi, the UK’s leading community shopping centre investor, in a joint venture to invest in community shopping centres. This first investment with Ellandi, at Coulby Newham, will redevelop and extend the Parkway Shopping Centre, which forms an important social hub in the region. The redevelopment will improve accessibility and services, creating jobs and helping to support local businesses.
Outcomes: Coulby Newham is located in the 2.45% most deprived areas by local authority as ranked by the Index of Multiple Deprivation. The investment will add capacity to the shopping centre, and fill some units with local SME businesses. The sustainability of the buildings will also be enhanced in order to reduce emissions and cut operating costs for tenants.
Related News & Views
St Paul’s Square in Birmingham and Newton Court in Wolverhampton both proved attractive to SME…Read full article 10th January 2017
Bridges UrbanView will seek out U.S. real estate investments that can deliver attractive financial returns…Read full article 10th January 2017