News / Broadmead
Broadmead shops earmarked for ‘significant redevelopment’
Shops along The Horsefair could be set to undergo a major transformation as part of the wider long-term regeneration vision for Broadmead.
AEW UK Core Property Fund (AEW Core) has outlined plans for “significant redevelopment” of the area after snapping up four units, including the prominent store on the corner of Merchant Street that is currently home to BoConcept.
The latest acquisition – bought for an undisclosed price – brings the total number of units owned by the company in the area to six and will enable the firm to press ahead with its intended long-term vision to “repurpose” the site in the heart of the city centre.
It could see the current outlets, which include Burger King, HBB City Centre Styling, Cosmetics Republic, and Starbucks, eventually redeveloped to create a “mixed-use environment” that might include offices, residential or alternative uses.
Each of the current occupants currently has a weighted average unexpired lease term (WAULT) of between 2.5 to seven years.
AEW Core already bought properties on the corner of Merchant Street and Broadmead and the store adjacent to BoConcept on Merchant Street in March 2020 as part of a wider strategy to acquire a large site in the city centre.
The company also owns property on Fairfax Street and Nelson Street.
This area of Broadmead could look very different in the future – photo by Simon Holliday
Commenting on the acquisitions, Michael Shears, of AEW UK Core Property Fund said: “We are delighted to announce four additional investments in Bristol city centre to build on AEW Core’s previous deals announced in March. Over the course of the past twelve months, we have acquired the six properties as part of a site assembly strategy to secure a large site in a prime high street location.
“This offers the opportunity to benefit from the major regeneration currently underway within Bristol’s city centre and to maximise returns to investors through diligent asset management and development.”
Following a number of high street casualties, including Debenhams, which went into liquidation in December and has a flagship store on The Horsefair, Broadmead is under pressure to adapt to survive.
The deal announced by AEW follows news that The Galleries is set to undergo a major transformation amid wider regeneration plans for the city centre shopping area.
Richard Bashford, Fawcett Mead, the agent acting for AEW, added, “We think the Broadmead shopping area is going to see significant changes in the next decade, with a high proportion of the existing retail buildings redeveloped into offices, residential or other alternative uses.
“This will create a mixed use environment that is so importantly needed to help make this part of Bristol City Centre more sustainable and thrive as a place to shop, visit, live, work or study. The properties recently acquired by AEW are ideally suited for redevelopment and offer exciting opportunities to be part of this transformation.”
Read more: Shopping centre to be transformed in new development
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