DTZ has been appointed as managing agent for the Mander Centre in Wolverhampton following the centre’s acquisition by Benson Elliot Capital Management.
DTZ’s Birmingham-based retail property management team will manage the 620,000 sq ft shopping centre which comprises 103 shops and 55,000 sq ft of offices in two buildings, plus a 530-space car park. Tenants include: Boots, BHS, JD Sports, New Look, Starbucks, Clarks, H Samuel, WH Smith, The Entertainer and Costa Coffee.
Benson Elliot will be carrying out a multi-million pound refurbishment and redevelopment to attract a range of new retailers and transform the out-dated centre. The redevelopment will be anchored by a new 90,000 sq ft Debenhams store which will trade over three floors.
Andrew King, associate director at DTZ, said: “This is a very exciting time for Wolverhampton with the recent launch of proposals for the regeneration of the city centre. The Mander Centre refurbishment and redevelopment will form a key part of these plans and we look forward to working closely with Benson Elliot to help it achieve its aspirations for the centre.”
Benson Elliot acquired the Mander Centre from Mander Investments for £59m – a 6.5% yield last month. The 620,000 sq ft shopping centre includes 103 shops, 55,000 sq ft of offices and a 530-space car park. Jackson Criss advised Benson Elliot; Cushman & Wakefield acted for Mander Investments in the investment transaction.
