CBRE Investment Management (“CBRE IM”) advised by GCW, has secured a series of new lettings at The Ashley Centre in Epsom. The 320,000 sq ft centre is capitalising on strong occupier interest as the commuter town captures higher levels of local spend.
As part of an ongoing asset management drive, the Ashley Centre team have secured a 40,000 sq ft letting to a major fashion store. The retailer will take space formerly occupied by House of Fraser and enhance a tenant line up including Waitrose, Marks & Spencer and Boots. The new store is due to open in 2024.
Two units have also been amalgamated to accommodate a new 6,500 sq ft store for JD Sport which is relocating from the high street. Meanwhile, Sports Direct has upsized its Ashley Centre store and opened a new 9,000 sq ft store. Its former unit will soon be occupied by Deichmann Shoes.
The new deals highlight the enduring appeal of the Ashley Centre and come on top of a series of recent lease renewals for Boots, Costa Coffee, Card Factory and Muffin Break.
As part of its strategy to continue driving value for its client, GCW is now focused on marketing a 20,000 sq ft leisure unit in space formerly occupied by House of Fraser. 2023 will also see CBRE IM making a significant investment in the centre, through a comprehensive refurbishment programme to boast the assets appeal. The works will include an upgrade to energy efficient lighting, new branding, more contemporary mall finishes, entrance improvements, new street furniture and way finding.
CBRE IM Head of Retail Asset Management UK, Louisa Butters says: “Epsom has really benefited from a change in consumer behaviour over the last three years and The Ashely Centre is well placed to capitalise on that. These latest lettings and lease renewals are testament to the centre’s resilience and compelling offer.”