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Crossrail fuels uptick in retailer demand at Exchange, Ilford

Anticipation for the launch of the new Crossrail service is fuelling demand for spaces at one of north east London’s biggest shopping centres, according to the site’s owner.

The Exchange, Ilford has welcomed a string of new brands in recent months which operator Meyer Bergman attributes to the imminent commencement of Crossrail services to the town from next year.

Sitting on the outer reaches of Greater London in the London Borough of Redbridge, Ilford is one of the many areas set to benefit from the economic boost provided by the new east to west Elizabeth line which is due to reach the town by May next year.

Meyer Bergman claims that brands including 24-hour gym Anytime Fitness and H&M have both taken significant new premises at the shopping centre in anticipation for the increased footfall that the new transport link will bring.

Other signings have included a second Costa Coffee outlet, a 7,500 sq ft New Look, a 2,000 sq ft Rymans and a 1,500 sq ft Clintons, amongst others.

In total, Exchange has added 50,000 sq ft of newly let space in the last 12 months supplemented by a 13% sales increase between January and August.

Mark Gamble, Executive Director Asset Management at Meyer Bergman commented: “Crossrail is already having a hugely positive impact on Exchange with many retailers interested in taking space at the centre ahead of its imminent arrival in 2017.

“The Crossrail effect is evident, with residential asking prices up 29.5% in Ilford over the past year alone. More people are opting to live in the area, setting the scene perfectly for our proposed residential scheme and upgrade in retail offering.”

To further capitalise on the ‘Crossrail effect’, Meyer had a new 214 home development at the Exchange approved in May, along with refurbishment work at the shopping centre.

“We are looking forward to welcoming even more retailers to the centre to cater to the increased demand we are set to experience once the Elizabeth Line services the town,” added Gamble.

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