The team at Nottingham property developer ALB Group say they have successfully attracted new businesses to an out-of-town Peterborough shopping centre that was only half-full six months ago.
ALB Group managing director Arran Bailey said Ortongate Shopping Centre, in Orton Goldhay, was struggling to attract tenants when his business bought the site in April.
He has put money into refurbishing empty units to encourage new tenants to move in without the need to spend money on decoration and shop fronts.
He said the centre is now 80 per cent full with many of the new businesses local or regional independent traders – and just five units are still available to let.
New tenants include Posh Beds & Furniture, The Orton Sportsbar & Fanzone, JC Kitchens & Tiles, Glo Bar Tanning and Beauty, Vorwerk appliance store, an independent florist and a barber shop.
Property agent FHP, which is marketing the units on behalf of ALB, said there were “positive ongoing conversations” with potential tenants for the remaining shops.
ALB Group also hopes to announce further positive news soon, with negotiations underway with a big high street retailer to take on a former Wilko store within the centre.
Mr Bailey said: “We’ve quickly achieved what we set out to do by carrying out a comprehensive refurbishment of units that were previously just concrete shells.
“Our creation of ‘white box’ units, all ready for tenants to move into, has provided the catalyst we needed to reverse the fortunes of Ortongate.
“We’re delighted to welcome such a broad range of new tenants to the site, helping to breathe new life into the area.”
He said ALB has been gaining a growing reputation for kickstarting the fortunes of depressed high streets and retail centres across the UK in recent years.
Areas such as Bridlesmith Gate in Nottingham, Albion Street in Derby and Sailmakers Shopping Centre in Ipswich, have all benefitted from ALB promise to offer better tenancy terms for traders.
Oliver Marshall, a director at FHP, said: “Since ALB bought the site, we’ve seen it rapidly transformed from a flagging shopping centre that was only half-empty to one with 80 per cent occupancy.
“The deals we’ve agreed have provided customers with a whole new variety of retailers and leisure businesses – and we are having lots of positive ongoing conversations with other potential tenants.
“The refurbishment work carried out by the new landlord has made the empty units much more attractive and much more accessible to new businesses, and we’re confident that it won’t be long before the remaining 20 per cent is occupied.”