LaSalle Investment Management, the leading global real estate investment manager, has completed a major refurbishment, which has transformed the Lion Walk shopping center in Colchester.
LaSalle purchased Lion Walk in 2008 on behalf of its LaSalle UK Ventures Fund and immediately set about planning the £1.5 million (approx. 1.8 mln.) refurbishment of the 1970s designed site in order to upgrade and modernize the fabric and common areas. The result is startling and is encouraging new tenants to come to the scheme and existing tenants to consider expansion plans. An Apple re-seller has committed to a unit at 7 Lion Walk and a new flagship Topshop/Topman is due to open at 20/21 Culver Walk in the autumn.
Paul Till, National Director, LaSalle Investment Management said, "When we purchased the Lion Walk shopping center it was clear that there was an opportunity to redesign and refurbish this prime location to enhance the asset and improve the shopping experience. However, it was important that any work reflected the heritage of the city and provided a timeless quality, reducing the requirement for additional capital investment in future years. We were also determined to get maximum value for money for our investors."
LaSalle worked with local Architects Stanley Bragg, Project Manager Bourne Wood Partnership and Agents GCW all of whom contributed to the design input. ISG Jackson completed the work on a 'design and build' contract.
The extensive refurbishment works included:
- New public realm works of Yorkshire paving, lighting, street furniture, soft landscaping and branding
- Re-pointing all brickwork in Lion Walk and buildings connected to the scheme
- Removal of the tile hanging facades and replacement with a modular glass and render system with a render band
- Removal of brown timber soffits and replacement with white opaque glass
- New glass walkway canopies
- New BHS story extension and feature entrance
- New corner display windows at the first floors
- Combination of retail units to provide larger spaces
- New shop fronts.
Following positive feedback from retailers, the general public, agents and the local authority, LaSalle has entered the project for a BCSC Gold Award.
Source: Citigate Dewe Rogerson