In 2009 Culverwell advised Hammerson in their joint venture
purchase with Canada Pension Plan Investment
Board (CPPIB) of Retail Property Holdings' main asset: Silverburn,
the 1m sq ft prime regional shopping centre west of Glasgow.
The purchase price for the Centre was £297m with the gross rental income being £18.4m, representing an initial yield of circa 6%, and an equivalent yield of 6.8%. Hammerson are the asset managers for the joint venture and appointed Culverwell as joint letting agent in 2010.
Silverburn offered several opportunities for Hammerson to create value through active asset management. Following Culverwell's new lettings the Prime Zone A rate moved from £140 per sq ft to £150 per sq ft which formed a solid platform for the first rent reviews in 2012. In addition, in 2015 Hammerson completed a £20m 115,000 sq ft leisure extension, anchored by a 14-screen cinema which resulted in increased footfall, spend and dwell time.
15mcustomer / year
Silverburn, which opened in 2007, is a single-level covered centre anchored by Debenhams, M&S, Next and Tesco Extra. It provides 78 retail and 22 catering units let to high quality retailers, cafes and restaurateurs. The Centre attracts approximately 15m customers per year.
Culverwell continues to pro-actively market the Centre and provide letting advice, helping to secure the future growth of Silverburn as the dominant regional shopping centre in Glasgow.