Existing retailers at the former Wandsworth Arndale Centre in south London face four-fold rent increases as Portfolio Holdings’ redevelopment of the scheme - renamed Southside - gathers pace.
Southside’s refurbished Central Mall - where H&M has become the latest addition to the centre’s revamped tenant line-up - is achieving rents of about £120 Zone A. The makeover of the centre, at the heart of one of London’s richest communities, has attracted Waitrose, a 14-screen cinema and a range of top multiples. These will soon be joined by Next, which has a double-height unit under offer.
However, Mark One, Superdrug, Greggs, Half Price Jeweller, Ethel Austin, WHsmith, Dixons, Roseby’s, Hallmark, Poundland, Holland & Barrett and Birthdays - all existing Central Mall tenants on rents of£30 to£50 Zone A - face large increases at review.
Alex Coffey, retail agent at Cushman & Wakefield Healey & Baker, which is letting Southside with Angermann Goddard & Loyd, said tenants will be offered the chance to relocate to the centre’s more affordable North Mall. Reconfiguration at the North Mall is now allowing three larger stores to be built, as well as a range of smaller units.
Plans are still being considered for Southside’s Arndale Walk mall, where local independents operate on short lets. Converting the mall into a prestige market area or department store is being mooted.
Proposals are also being drawn up to construct two large, outward-facing A3 units.
Southside’s entrances are being brought up-to-date, new signage installed and the exterior of the building reclad.