A property developer which is working to revive the independent retail scene in Nottingham and Derby has bought an Ipswich shopping centre.
Nottingham-based ALB Group has bought the Sailmakers shopping centre, in Ipswich, which is home to brands including Boots, HMV, River Island, Poundland and Baldwins department store.
The new owner is carrying out a refurbishment of the premises and plans to find new tenants for the 25 per cent of space currently unoccupied.
The shopping centre, in Tavern Street, has 133,000 sq. ft of retail space, including the 7,500 sq. ft former Top Shop store which is empty, and the new owner hopes to attract more local businesses into the space.
The plans include the complete refurbishment of two units which are being earmarked for local designers, artists, charities or businesses interested in taking on an eight-week “pop-up” opportunity at a low rent.
ALB Group has been busy acquiring town centre properties in other parts of the UK in a drive to “rethink and revive” struggling high streets.
Its key strategy is to offer more affordable and shorter, more flexible leases in order to breathe new life into the nation’s towns and cities, as well creating a more attractive environment for local, independent entrepreneurs to trade.
Managing director Arran Bailey said: “We are determined to rethink the way high streets are managed and offer these important community centres the chance of revival.
“Sailmakers represents a significant acquisition for ALB, and we can’t wait to support Ipswich along its road to recovery.”
Marketing for the Sailmakers shopping centre is being done by commercial agents Prime Retail and FHP.
Tim Lloyd, partner at Prime Retail, said: “I’m excited to be working alongside a company as forward-thinking and hands-on as ALB Group.
Sailmakers has been in desperate need of new owners for some time and, as a resident of Ipswich myself, I see true potential here.
“If we can target independent and local operators, and offer flexibility with low costs on units that are ready for immediate occupation, we will help to begin the revival.
“In view of what ALB Group has already achieved elsewhere in the UK, Sailmakers couldn’t be in better hands.”
ALB has made recent property purchases in Birkenhead, Stoke-on-Trent, Huddersfield, Derby and Nottingham.
In Nottingham it has been trying to recreate the vibe of London’s Carnaby Street in the city’s Bridlesmith Gate area by encouraging niche businesses to set up shop.
Oliver Marshall, associate director of FHP, said: “Sailmakers ticks all the boxes in terms of opportunity. It already has some great tenants, and we are looking to build on that.
“We’re taking a fresh approach to the marketing, and we’re happy to discuss all active interests. The key here is flexibility, which many other high street landlords have failed to offer previously.”
Phil Daniels, director of FHP, who represented ALB in the acquisition, said: “It was a pleasure to work with Prime Retail and ALB Group on the successful acquisition of this shopping centre.
“Following recent acquisitions of smaller retail assets in Stoke-on-Trent, Derby and Nottingham, Sailmakers represents a new scale of ownership for the ALB Group, which is actively seeking further opportunities UK wide.”
