Dolphin Centre is sold - but will £6.5m facelift still go ahead?

4:53pm Tuesday 12th February 2013 in News By Jim Durkin

Dolphin Centre is sold - but will £6.5m facelift still go ahead? Dolphin Centre is sold - but will £6.5m facelift still go ahead?

POOLE’S Dolphin Shopping Centre has been sold for £57.7million, it has been announced.

New owners Legal & General Property (LGP) bought the centre on behalf of its Managed Fund from Dutch firm Wereldhave.

The purchase throws into doubt a planned £6.5m facelift, that was due to start in stages this year and involved a complete overhaul of Kingland Crescent and Falkland Square.

Mark Russell of LGP’s Managed Fund said: “The Dolphin Centre offers a resilient income return, supported by a diverse tenant base and affordable rents.

“There exists a number of options to increase dwell time and enhance tenant mix, with numerous retailers not currently represented in the town.”

Wereldhave bought the centre at the end of 2010, before going on to purchase a significant slice of Falkland Square the following year.

The Dutch property company had been planning an ambitious rejuvenation scheme for in-and-around the shopping centre. At this stage it is unclear if the new owners will continue in this direction.

Wereldhave UK managing director John Laker said: “The sale of the Dolphin Centre, Poole, is in-line with our plans to consolidate our place as a leading shopping centre investor in Europe and we look forward to exploring new opportunities.”

The shopping centre includes 430,000sq ft of covered retail space, arranged over three floors. Big name retailers include Marks & Spencer, Primark, Boots, BHS and Beales.

According to figures the centre has an annual footfall in excess of 11 million people.

Mr Russell explained: “The quality of income currently enjoyed by the fund affords an opportunity to move up the risk curve on a selective basis where we feel that value exists for secondary assets which are capable of being repositioned.”

Comments(27)

static kill says...
5:20pm Tue 12 Feb 13

Bought for £85 million and then sold for £57.7 million 2 years later?
They should have left their money in a current account.

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djkent says...
5:23pm Tue 12 Feb 13

knock it down 1970s buildings at there worst why not build a john lewis and west quay for poole not tart up an old crumpling building with plastic

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sunglasses ron says...
6:20pm Tue 12 Feb 13

“The quality of income currently enjoyed by the fund affords an opportunity to move up the risk curve on a selective basis where we feel that value exists for secondary assets which are capable of being repositioned.”

Clear as mud

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phonehome says...
6:53pm Tue 12 Feb 13

"They should have left their money in a current account."

Peferably mine!

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ashleycross says...
8:03pm Tue 12 Feb 13

As the gateway to Poole at the centre via public transport, ie buses is dark (half the lights are kept permanently turned off), unsafe with no security staff on duty night or day, a free for all for smoking dropping litter and drinking alcohol, covered in chewing gum and in desperate need of a lot of soap and water, it is no wonder the owners worked out that Poole Council is determined to keep it that way with a cattle truck mentality to us bus users and there is no chance of improving the quality or quantity of people using this centre. Even the footway to the train station is shared with bicycles. The area on the way to the train station also has no signage identifying which road you are on which makes reporting crimes to the police and littering, flooding, broken bus shelters, broken street lighting etc to the council very difficult as you can't tell anyone where you are.

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MMM444 says...
8:21pm Tue 12 Feb 13

According to figures the centre has an annual footfall in excess of 11 million people, Which a good 5.5 million are shoplifters, Just pull the eyesore down, its half empty anyway just like the rest of the high st

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bbird says...
8:34pm Tue 12 Feb 13

djkent wrote:
knock it down 1970s buildings at there worst why not build a john lewis and west quay for poole not tart up an old crumpling building with plastic
Just what I was going to say. Currently have to go to Southampton or London for (non basic) shopping.
Could be a great site for a Westfield type mall, and then improve the rest of the High Street and harbour area.

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Hardy Lass says...
9:21pm Tue 12 Feb 13

Ikea is the only retailer who can uplift and brighten and draw the crowds in. where are they... don't they consider Poole worthy of investment?

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awsokend says...
10:04pm Tue 12 Feb 13

The only shops in poole with any customers are poundland and primark


UNLESS YOU KNOW DIFFERENT

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Yankee1 says...
10:47pm Tue 12 Feb 13

A place where many in Poole keep warm by day.

As a shoppng centre, it is gloriously dated without the patina of age.

Poole Centre is an interesting place midday. You see people that could easily pass for the locals in Les Mis. They really could. I could see Matt Lucas' Thernadier enjoying the fruits of Poole.

I could never imagine the denisons of Sandbanks shopping there. Nor the good folk of Branksome.

They go (if they must) to Castlepoint - or London.

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Yankee1 says...
10:50pm Tue 12 Feb 13

Regarding the ludicrous reface:

To quote Sarah Palin (who seems to have missed her role as a royal bride - she is like so many other),

'You can put lipstick on a pig....but it is still a pig.'

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l'anglais says...
6:39am Wed 13 Feb 13

Another result of the town planners incompetence dating back to the 1960's.
The train station and shopping centre should have been built under the same roof, at the end of the High Street, behind The Quay.
With a little foresight, How many houses and retirement homes could have been built between The George roundabout and the end of the High Street?

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uvox44 says...
9:03am Wed 13 Feb 13

is Poole bus station the worst in the UK? It is dark, grimy, a smokers paradise , cold - just grim in virtually every way - if there are any worse bus stations out there then I truely feel sorry for the people that have to use them!

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Baywolf says...
9:23am Wed 13 Feb 13

ashleycross wrote:
As the gateway to Poole at the centre via public transport, ie buses is dark (half the lights are kept permanently turned off), unsafe with no security staff on duty night or day, a free for all for smoking dropping litter and drinking alcohol, covered in chewing gum and in desperate need of a lot of soap and water, it is no wonder the owners worked out that Poole Council is determined to keep it that way with a cattle truck mentality to us bus users and there is no chance of improving the quality or quantity of people using this centre. Even the footway to the train station is shared with bicycles. The area on the way to the train station also has no signage identifying which road you are on which makes reporting crimes to the police and littering, flooding, broken bus shelters, broken street lighting etc to the council very difficult as you can't tell anyone where you are.
Totally agree and with National Express coach station ..joke..just a car park with a bus shelter..how's that for a welcome to Poole!

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woby_tide says...
10:05am Wed 13 Feb 13

sunglasses ron wrote:
“The quality of income currently enjoyed by the fund affords an opportunity to move up the risk curve on a selective basis where we feel that value exists for secondary assets which are capable of being repositioned.”

Clear as mud
I believe "repositioning" a shopping centre generally involves it having accommodation added otherwise it's still a shopping centre.

I give it 12 months till there is a scheme to convert parts of the centre into flats ("affordable housing" will appear on the submission along with claims of "boosting night time economy", "more welcoming in the evening" and "reducing anti social behaviour")

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MJD says...
10:22am Wed 13 Feb 13

Bulldoze it. I use Castlepoint. Free parking. Even West Quays or even Gunwharf Quays for a day out.

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l'anglais says...
10:39am Wed 13 Feb 13

MJD wrote:
Bulldoze it. I use Castlepoint. Free parking. Even West Quays or even Gunwharf Quays for a day out.
What about the job loses if you knock it down?

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BmthNewshound says...
11:25am Wed 13 Feb 13

The pension fund has agreed to buy the 430,000 sq ft Dolphin Centre and Falkland Square in Poole in a deal reflecting a yield of 7.81%..... so says Property Week.
.
The Dolphin Centres previous owner Wereldhave announced a profit warning following negative property revaluations in the UK shopping centre portfolio which probably prompted the sale.
.
Apart from some cosmetic changes I don't think that L&G will be rushing to pump another £6.5m into the Dolphin Centre especially with the current state of uncertainty in the retail sector.

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crispy_pants says...
11:28am Wed 13 Feb 13

uvox44 wrote:
is Poole bus station the worst in the UK? It is dark, grimy, a smokers paradise , cold - just grim in virtually every way - if there are any worse bus stations out there then I truely feel sorry for the people that have to use them!
It is grim. And didn't they spend about £350,000 revamping it? What a waste.

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Marshwood says...
1:37pm Wed 13 Feb 13

awsokend wrote:
The only shops in poole with any customers are poundland and primark


UNLESS YOU KNOW DIFFERENT
You forgot the tattoo shops and those places down the end of the High street where you can sell stolen jewellery and such like.

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canfordheathview says...
2:25pm Wed 13 Feb 13

Being a shop owner in the bus station, I believe the footfall count is done on a counter system so every time you walk in you get counted and how many counted are staff? The footfall is down on previous years.
The bus station needs a proper facelift with better lighting.
I had a word with a councillor about cleaning the path but there is no money in the budget this year. The path is owned in sections by Wilts and Dorset,Poole Borough Council and The Dolphin Centre, who should pay the bill?
I pay just over 6 thousand pays rates a year and what do I get for it? I still have to pay 1 thousand pound a year to park my car in the multi storey car park.
I could rant on forever but no one listens so what is the point!!

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canfordcherry says...
3:22pm Wed 13 Feb 13

No ones mentioned the massive sports centre area 'up top'. What are their plans for this part of the centre? I doubt it has any thing to do with sport.

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mark1987 says...
3:39pm Wed 13 Feb 13

Marshwood wrote:
awsokend wrote: The only shops in poole with any customers are poundland and primark UNLESS YOU KNOW DIFFERENT
You forgot the tattoo shops and those places down the end of the High street where you can sell stolen jewellery and such like.
Do you understand how pathetic you both sound.
If you do not have any educated input then do not input at all.

I personally could not care less what a shopping centre looks like aslong as it has shops in it. I am a regular customer of the majority of shops in Poole and have no issue apart from the shops that are forced to shut down.

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djkent says...
5:15pm Wed 13 Feb 13

more and more shops will leave or go bust if something isnt done and as for footfall what about all the people that use the centre for a shorcut to the quay in the winter rather than going round the back of urine alley. this place will end up like the tricorn centre and look what happend to that

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awsokend says...
7:16pm Wed 13 Feb 13

mark1987 wrote:
Marshwood wrote:
awsokend wrote: The only shops in poole with any customers are poundland and primark UNLESS YOU KNOW DIFFERENT
You forgot the tattoo shops and those places down the end of the High street where you can sell stolen jewellery and such like.
Do you understand how pathetic you both sound.
If you do not have any educated input then do not input at all.

I personally could not care less what a shopping centre looks like aslong as it has shops in it. I am a regular customer of the majority of shops in Poole and have no issue apart from the shops that are forced to shut down.
Well you wont have to worry then will you
Tattoo man wont close hes overrun,
Poundland is always packed full
and Primark is a little gold mine
the charity shops are thriving,
the bus station is always full cos the bus don't turn up.
regards selling stolen jewellery ????????

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ashleycross says...
9:37am Thu 14 Feb 13

canfordheathview wrote:
Being a shop owner in the bus station, I believe the footfall count is done on a counter system so every time you walk in you get counted and how many counted are staff? The footfall is down on previous years.
The bus station needs a proper facelift with better lighting.
I had a word with a councillor about cleaning the path but there is no money in the budget this year. The path is owned in sections by Wilts and Dorset,Poole Borough Council and The Dolphin Centre, who should pay the bill?
I pay just over 6 thousand pays rates a year and what do I get for it? I still have to pay 1 thousand pound a year to park my car in the multi storey car park.
I could rant on forever but no one listens so what is the point!!
Keep ranting, don't give up on Poole, go for it, we need people who care about making the bus station somewhere to be proud of.

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ashleycross says...
9:43am Thu 14 Feb 13

MJD wrote:
Bulldoze it. I use Castlepoint. Free parking. Even West Quays or even Gunwharf Quays for a day out.
Not just that, they have security staff so it is safe going back to your car or to the bus stop, in contrast to going to the car park or bus station in Poole. The trouble is if you ask for security at the bus station you get told there is virtually no anti social behaviour and the smoking and anti littering laws can't be enforced because no one will give them council officers their address. Keep up the pressure on our councillors to get the council officers out to the bus station to enforce these laws. Poole needs a clean safe bus station for old and young alike. What are we teaching the young of Poole by leaving them to wallow in the muck there? How will that teach them to be fine upstanding citizens? Show respect to them to earn it back by providing them with clean safe public transport.

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