06 Dec Harvey Shopping Centre performance significantly exceeds forecasts as council confirm plans for ‘major upgrades to the centre’
The Harvey Centre Shopping Centre is significantly exceeding the projections, assumptions and business planning that informed its purchase by Harlow Council according to a report to be considered next week.
The council bought the 450,000 sq. ft shopping centre for £21m in December 2022 to support its ambitions to regenerate the town centre. At the time the purchase was one of the largest acquisitions made by the council and transformed the council into one of the biggest town centre landowners. It was considered as ‘yet another step in the comprehensive rebuilding of the town centre’.
The purchase has turned out to be a shrewd one for the council with the centre returning a healthy revenue and profit which is ploughed back into supporting council services and is helping the authority maintain a strong financial position. The strong financial outturn also means the council can now turn its attention to upgrading the centre, with exciting plans due to be announced shortly.
Since January 2023, 30 lease agreements have been completed including retaining existing tenants Tesco, Starbucks and Deichmann whilst securing new tenants such as Trespass, Specsavers and ShoeZone. The centre is also home to major brands such as Primark, Poundland, Superdrug, Iceland, The Works, and Clintons.
Space has also been provided to support local businesses and multiple charitable partners have been provided space on the first and ground floor including Harlow Foodbank, Harlow Centre Open Road, and Phoenix Resource Centre.
The report, which goes to the Council’s Cabinet on 10 December, highlights the many challenges the retail market has experienced in recent years. However, at the same time the Harvey Centre has performed strongly.
Although the council owns the centre, it is run on a day- to-day basis by experienced property and asset management companies.
Councillor Dan Swords, Leader of Harlow Council, has hailed the success of the purchase for both the town and the council, he said:
“The Harvey Centre purchase is a success story for the town and the council as it is massively outperforming all the projections which went into its purchase. In the two years we have owned the centre it continues to go from strength to strength supporting local jobs with several key brands retained and attracted as well as space for local charities and local businesses to flourish.
“We can now turn our attention to massively improving the centre and what it offers as another phase of the comprehensive rebuilding of the town centre that is underway.
“We will also be bringing forward exciting plans soon for the major redevelopment of the former BHS store which will support the rebuild of Harlow Town Centre. The Harvey Centre has been at the heart of Harlow shopping for over 44 years and its performance puts it on a strong footing to continue to be part of the town centre for many years to come.”
