Martineau owner wants ‘level playing field’ to attract tenants
THE owner of a Birmingham shopping complex which has suffered with long-term vacancy problems in recent years is launching a new bid to revamp the centre.
Martineau Place, in Corporation Street, has several empty units and has been hit with low footfall figures, due in part to the success of Bullring and the new Grand Central shopping centre which opened last year.
Colony Capital, the Los Angeles-based investor which acquired Martineau Place a year ago, has lodged new plans with Birmingham City Council in a bid to attract more tenants.
The company is seeking socalled ‘change of use’ permission for a string of units to allow uses such as retail, financial and professional services, restaurant and cafés, drinking establishments takeaways.
Having more allowable uses for the vacant units will enable the company and its asset manager, London-based Ellandi, to be more flexible when speaking to potential occupiers about taking space.
Current occupants at Martineau Place include Argos, Sainsbury’s, KFC and Deichmann Shoes.
A report supporting the application by property consultancy Savills said: “Ellandi has been appointed with a view to creating a more resilient centre that can compete on a level playing field with other city centre attractions and take advantage of its prominent location.
“This application is being submitted to facilitate the and hot food occupation of long-term vacant units.....leading to overall improvements to the centre’s vitality and viability.
“It will ensure that, when good quality tenants are identified, they can be signed up quickly without having to wait for planning permission to be secured where a material change of use is required.
“The resulting effect will be a substantial reduction in periods of vacancy and the negative impact vacant units have on footfall.”
Jonathan Cheetham, chairman of Retail BID which works with businesses to improve the city centre, said: “Development works and the associated employment opportunities offered alongside this will prove to be a welcome addition to the city centre.”