Monument Mall
We applied our knowledge in retail place-making to transform Monument Mall into a prime retail destination and catalyst for wider regeneration. Despite its location at the heart of Newcastle’s shopping core, Monument Mall was failing. The centre was suffering from declining footfall; restricted by a disjointed occupier mix and poorly configured, shallow retail units that turned their backs on the street.
Our interventions have reconfigured, repositioned and transformed Monument Mall into an ‘institutional grade’ asset, placing it amongst Newcastle’s most sought-after retail locations. The development has improved and animated the streetscape attracting an influx of aspirational brands to the city. Having acquired the asset for £28million and following a £15million investment, Hammerson sold the centre to investors for £75million.
Monument Mall has re-established Blackett Street as the prime retail pitch in Newcastle. It is now a place people go to, rather than through.
Peter Cooper,
Portfolio Director, Hammerson
Exploiting the value of context
The existing mall traded over just four of its five floors, with only 65% of the gross internal area available as lettable space, and 35% of that space unoccupied.
By removing the existing internal mall, infilling the atria voids and making more efficient use of the five floorplates, a number of independently trading units have been created, each with access directly from the street.
Not only has this improved the customer shopping experience, but tenants have benefited from better proportioned units, improved servicing arrangements, and shop frontages which can be seen from a number of prominent vantage points.
Positioning the mall’s bar and restaurant in desirable locations, has enabled us to drive value out of the assets Georgian context. Maximising views of the city’s iconic Grey Street, has attracted new flagship tenants, adding vibrancy to the evening economy.
Everyone profits
This striking retail scheme is a winner in so many ways and has added real value to the entire retail core of Newcastle. It has brought brands to the city that have not been seen before. As a commercial investment it has produced outstanding returns.
Adam Serfontein,
Judging Panel, RICS North East Awards 2015
