Client story

JLL advises Areli in redevelopment of Nicholson Shopping Centre into new mixed-use scheme

The revamped town centre will include residential, office, senior living, and retail to bring new life to the community

Location

Maidenhead, England

Value

£500M

Size

4.5 acres

Challenge:

Nicholson Shopping Centre has been around since the 1960s and had struggled for many years with widespread vacancies. So, when our client, Areli Real Estate, on behalf of Tikehau Capital acquired the shopping centre property, they wanted to create a master plan to revamp the site into a new mixed-use development that would invigorate the community. They needed experts in current market trends and mixed-use design in order to complete their plan, and JLL was brought on board to provide market intelligence and insights.

“The team at JLL provided us with strong insights into the local market which in turn helped forge the development mix, the masterplan and subsequently, the planning consent. The team’s ability to understand the true value of good placemaking and look beyond just local comparables has been exceptional.”

Rob Tincknell, Partner, ARELI Real Estate Limited
Solution:

We carried out a review of the retail, residential, build-to-rent (BTR), office and senior living local markets in order to determine the highest and best unit mix, while considering key factors such as current demand, existing supply and development pipeline. JLL advised the client and architect on optimal design to help drive saleability and attract other investors. We provided a residual value analysis on each use class being considered for the regeneration of the shopping centre, and our market intelligence was used to test and determine the optimal use mix for existing and future demographics. This helped to shape the client’s final scheme which includes office, residential, senior living and retail space. 

Results:

In March of 2021, the final proposal was approved by the Royal Borough of Windsor and the town of Maidenhead. The new mixed-use development scheme is the first ever “shopping centre to town centre regeneration” in the United Kingdom. It will include hundreds of new homes, offices to accommodate over 2,000 workers, more than 60 retail and restaurant spaces, new pedestrian routes and streets, as well as public square which will be named after Sir Nicholas Winton, a stockbroker from Maidenhead and hero that helped save 669 children from the Nazis during World War II.

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