UBS Asset Management's (UBS-AM) Real Estate & Private Markets (REPM) business announces four new lettings totalling almost 20,000ft² at the Springfields Outlet Centre in Spalding, which is owned by UBS Triton Property Fund (UBS Triton), the diversified, open-ended fund investing in core UK commercial property. Following the arrival of British multi-national retailer Next in early 2016, the outlet centre has continued to attract an increasingly higher quality tenant mix, with Ernest Jones, Fat Face and Starbucks the other new signings.
Lifestyle clothing retailer Fat Face has opened a 3,300ft² outlet store at the centre, which achieved record-breaking early sales figures. Nationwide jeweller Ernest Jones moved into a 1,500ft² unit for one of its ‘The Outlet Collection’ stores, which opened in time to take advantage of the Christmas shopping period. International coffee chain Starbucks took over a uniquely designed 2,150ft² unit just before the end of the year and was immediately well-received by the centre’s customers, doubling the previous café occupier’s full weekly intake in only its first three days of operation.
Alongside Next, which moved into a purpose-built 10,620ft² unit in early 2016, the new tenants have helped Springfields deliver its best sales figures on record, leading to a twelfth consecutive year of growth, with sales for Q4 2016 alone ending up 10% on Q4 2015 levels, and with average spend per head 7% higher over the same period. The 170,000ft² centre is now fully occupied by 55 retailers, including market-leading brands such as Marks & Spencer, Skechers, Gap Outlet, Costa and Radley, to name a few, drawing an average annual footfall of over 2.3 million shoppers.
Springfields is East Anglia’s only outlet centre and leisure scheme and its catchment includes Stamford, Ely and the north Norfolk Coast. The high-performing centre combines its retail offering with 25 acres of leisure attractions and award-winning surrounding gardens. UBS Triton acquired the asset in 2006 and has successfully repositioned it since then to attract some of the UK’s best performing retailers.
Howard Meaney, Head of Real Estate UK and Senior Portfolio Manager for UBS Triton, commented: “Securing four new premium retailers to Springfields over the past year goes a long way towards our goal of repositioning the centre to provide an enhanced retailer-mix enabling further footfall and turnover growth. This is the culmination of considerable work from our asset management team, but also reflects sustained confidence, particularly amongst the bigger retailers, who recognise the value in providing an outlet offering. Over the next year, we will continue to match the retail line-up with the centre’s affluent, extensive catchment and provide more innovative leisure concepts for an optimum visitor experience.”
UBS Triton currently comprises a high quality portfolio of 30 assets predominantly weighted in London and South East offices, the logistics sector (especially in the South East), retail warehousing and student accommodation.
UBS Triton was advised on its latest lettings by SLR Outlets, Knight Frank and CHD.
