THE BRIEF
Client and location: Fisher Street, Dudley, West Midlands.
Sector: Retail.
Client: Co-operative Group.
Services provided: Property & Asset Management: Property Management, Asset Management, Project Management.
Challenge: Facilitate the release of the Co-operative Group from a long-term lease of a former food store, which was part of a major redevelopment plan for Dudley’s new bus station.
Client Testimonial
“We are pleased to work with Innes England and Dudley Council. We’re also delighted that an arrangement could be reached which will bring a vacant space back into use and support the council with its plans for the redevelopment of the town’s bus station for the benefit of the community.”
Richard White, Estates Manager at the Co-op Group
The Solution
Strategic Asset and Property Management by Innes England:
- Proactive negotiations: Initiated early discussions with Dudley Metropolitan Borough Council as part of the £24 million Dudley Interchange project.
- Expertise in local development: Utilised in-depth local knowledge and awareness of the broader £1 billion redevelopment activities in Dudley to strategically position the negotiation.
- Complex deal management: Managed the intricate aspects of the leasehold contract release, ensuring benefits for all parties involved.
The Results
- Successful leasehold release: Achieved a mutually beneficial agreement that released the Co-op Group from its lease, enabling the redevelopment of the site.
- Support for community development: Facilitated the progression of the Dudley Interchange project, contributing to the wider community’s benefit.
- Cost reduction for Co-op Group: Significant reduced potential costs for the Co-op Group in its non-trading portfolio.
- Reinforcement of local presence: The deal underscored Innes England’s strong property asset management presence in the West Midlands.
Conclusion
Fisher Street Dudley demonstrates Innes England’s proficiency in managing complex property transactions and leveraging local redevelopment opportunities. With a proactive approach and strategic negotiations we facilitated a significant leasehold release, aligning with community redevelopment goals and serving the best interests of the client. This project highlights Innes England’s capability to navigate complicated property asset management scenarios, contributing positively to both their clients and the wider community.
Furthermore, the Fisher Street Dudley case study showcased Innes England’s expansive property management capabilities and our expertise in handling a variety of property types, from retail spaces to industrial units and office buildings, showcases versatility and dedication to providing value at every stage of the property lifecycle. This diverse range of services ensures optimal outcomes for clients, catering to the unique needs of both tenants and landlords across multiple sectors.
“Our proactive approach coupled with our in-depth understanding of the local area and awareness of upcoming developments, meant we were able to speak to the council as soon as the redevelopment of Dudley Bus Station was being discussed. This was a very complex deal and I am thoroughly delighted to see it completed.
Matt Howson, Director at Innes England