Centros to asset manage Houndshill

Michael Hunt

Anglo Irish Bank has selected Centros to asset manage the 400,000 sq ft Houndshill shopping centre in Blackpool.

Richard Wise, chief executive of Centros, said: "We are looking forward to working with Anglo Irish Bank to enhance the value of this unique asset. Blackpool is one of the most famous coastal towns in the country and it has a strong retailing pedigree. The town has a well-defined catchment population of close to 200,000 people and impressively boasts 11 million tourist visits per annum.

"The extensive public realm and investment programmes currently being undertaken by the local authority make this a very exciting time to be involved with Houndshill. We intend to implement a number of strategies to further enhance its attraction as a major regional shopping destination."

Anglo Irish Bank said it chose Centros on the basis of its "expertise" and "innovative ideas to drive the value of the centre".

Centros will be responsible for tenant engineering, lettings, marketing, footfall generation and exploring potential development opportunities to create additional value.

Houndshill shopping centre was placed into administration last year, as part of a group of companies related to Modus Ventures.

KPMG was appointed administrator and had been looking at options for the ongoing management of the centre. A number of bidders, including Land Securities, were thought to have been looking at bidding to buy the centre, but KPMG and Anglo Irish, the original lender to Modus and main creditor, decided an asset and development manager was a better option for the scheme.

Modus and joint venture partner Ciref refurbished and extended Houndshill to 400,000 sq ft and opened the new-look centre in August 2008. It is anchored by a new Debenhams and offers a fashion-led retailer line up.

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does this mean it’s making shed loads of money and the bank has thought ‘hang on, you know what…’

By Snowy