Hartlepool – Middleton Grange
Project Brief.
“…the second highest rental growth in the UK” This sizeable 1960s open centre was acquired from the local authority and extensively refurbished and extended. The refurbishment was extremely comprehensive, providing a much needed revitalisation of the centre’s interior and incorporated glazed roofs, life safety systems, new flooring, escalators, lifts and new construction including the provision of new major anchor stores. The entire centre comprises in excess of 500,000 square feet. The development was universally praised in terms of its transformation of the image of the town and in the economic fortunes of the centre. During the period of ownership and control by WD, Middleton Grange had the second highest percentage increase in rental growth in the UK 1987 – 1997 (Source Colliers CRE). Upon completion of the works and subsequent asset management, the centre was sold in 1997 to the Pillarcaisse Partnership. The sale was structured to maximise the financial benefits for the Swedish and Dutch investors generating an after tax IRR of 29%.