The New Strand Shopping Center in Bootle has been bought by Ellandi, the specialist shopping center investment and asset management company, for an undisclosed amount.The Strand measures around 3567000ft² and was constructed and opened during the 1960s, and extended during 1997 and 1998.
Since it is based in the town center, its key tenants include Tesco, New Look, Argos, Boots, Wilko’s and Marks & Spencer.
The managing director at Ellandi shared his delight at obtaining this center. He stated that it offers a good yield as well as opportunities for initiatives which could add value.
The asset manager at Ellandi, Richard Hutchinson, said their track record of boosting older community schemes and their superb retailer relationships should result in the transformation of The Strand allowing it to meet both consumers’ expectations and retailer needs.
He added that the group has already had discussion with the local council to update the signage and graphic identity of the center, as well as revamp its entrances.
This is the twelfth community shopping center in Ellandi’s portfolio. It now holds a portfolio which boasts a NOI of £28.1m, comprising of 2.7 million sq ft of retail space over 900 units with vacancies of below 5%.