Developer Quadrant and investment manager Eccleston Capital are to launch a joint venture focused on repurposing redundant department stores and other large retail units across the UK.
The venture, known as Quadrant Repurpose, will aim to identify assets which have the potential for other uses, such as housing, hotels and leisure.
It will also identify where department stores can retain a presence in reconfigured space which better meets the needs of shoppers.
The venture will work with existing owners or acquire assets outright.
Eccleston Capital founder Mark Phillipson said: “The UK has more than 1,000 department stores. These represent a huge footprint in urban locations across the country, and a substantial proportion of these stores are facing the prospect of no longer having a retailing future. For example, more than 50 former BHS stores still remain vacant three years after the retailer ceased trading.
“It will not be viable to transform all of the stores facing redundancy, but Quadrant Repurpose can assess viability and bring together the expertise and capital which the repurposing process demands from planning through to development.”
Quadrant founding partner Christopher Daniel added: “It’s clear that huge swathes of redundant retail property urgently need to be repurposed for new uses. If the UK’s high streets and town centres are to be revitalised, this will be an essential part of the process.
“Our track record of developing and maximising real estate across the retail, office and residential sectors gives us the perspective and expertise to manage the complexities of repurposing. Coupled with Mark’s retail consultancy experience, this is a compelling offer at a time of significant need.”
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