Prudential Prudential Investment Managers - Festival Retail Park, Hanley, Stoke-on-Trent
PRUPIM is a top 20 global real estate investment manager. They form part of the M&G Group of Companies, which is the asset management arm of Prudential plc in the UK and Europe. They have considerable knowledge and experience in property investment management, meaning they achieve maximum results for their investors.
Festival Retail Park in Stoke-on-Trent was constructed in 1992 and offers approximately 70 acres of retail space and has over 40 existing outlets and 1,000 free car parking spaces.
Project Description:
The first phase of this project comprised full strip out, front and rear elevation alterations with roof remedial works to unit 5B in preparation for new tenant occupation. The finished project provided the new tenant with approximately 9,500 sq ft of ground floor space and a new mezzanine floor; providing them with an additional 6,500 sq ft of floor space. The project was delivered on time and within budget.
The second phase of this project comprised the strip out and subdivision of unit 4. The works were undertaken in eight sections and included extensive front elevation re-modelling works where needed, to ensure that the finished elevation appearance complimented adjacent units. New statutory services were also brought in as part of the sub-division process. Unit 4A provided 16,500 sq ft of ground floor and 6,200 sq ft of mezzanine floor space with Unit 4B providing 12,900 sq ft of ground floor space and 5,900 sq ft mezzanine space. The project was delivered on time and within budget.
Henry Riley has also provided advice and budget cost estimates for the Prudential on other retail parks including the Riverside Retail Park in Warrington.
Key Challenges:
- Implementing efficient cost procurement in order to meet deadlines dictated by agreements to lease documentation.
- Implementing pro-active cost management in order to provide accurate and timely post contract cost reporting and advice.
Form of Contract:
- Unit 5B: ICD 2005 (Revision 1 2007)
- Unit 4A/4B: ICD 2005 (Revision 1 2007)
