Bournemouth: Verve Properties invests in the 'high street'
12 December 2018
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When high streets all around the UK seem to be dying, a property company has decided now is the time to buy - and regenerate The Avenue Centre in the centre of Commercial Road, Bournemouth.
Verve Properties is renowned for breathing new life into unloved buildings and districts with its innovative approach to regeneration. It is committed to providing environmentally, socially aware commercial space and housing and has 'a passion for developing unusual buildings into vibrant destinations'. Ashley Nicholson, Verve director, said: “Our skills are all about ‘place’ making. Many landowners tend to prioritise short-term returns over what a place is like in which to work, live, visit or shop.We try to get the ‘feel’ bit right and take a longer view than most.” Verve is probably best known regionally for the Paintworks Project in Temple Meads Bristol, comprising a four-phase regeneration of an old paint factory on the outskirts of the City. Approaching half a mile long, this derelict area was the crime hotspot in Bristol before it was bought in 2002, but on completion of the final phase in 2020 will be home to 2,000 businesses and residents comprising a mix of retail, homes, cafes and restaurants. Paintworks is now the Creative Quarter for Bristol with over 300 businesses on site - most within the creative industries - together with markets, café, bar, event/exhibition space and galleries. Nicholson added: “Detailed proposals are currently being developed for The Avenue Centre and it is hoped the first visible improvements can be in place by Easter. A priority is to change the dated black glazed frontage on Commercial Road and planning will be submitted shortly. Clearly retail as we’ve known it is changing and town centres will react accordingly. In future they will be more diverse with experiential shopping and leisure activities where people will still want to congregate and interact. They will also want to live near to the life and vitality, so town centres will become more mixed use, and this is being recognised by Bournemouth Council with their own redevelopment plans for various town-centre car parks. The Avenue Centre is a substantial piece of property in a prime area of the town and we see this as a catalyst to arrest current pessimism and create greater offerings to the town centre as it morphs more into the way town centres will be in the future.” He added: “The plans for The Avenue are still in the embryonic stage but we hope to attract familiar brands as well as accommodate pop-up businesses, food traders, vintage markets, art shows and events alongside the existing valued, multiple retailers. Again, we will be focusing on attracting the creatives in the Bournemouth area and we know that with the Arts University and the astonishing skills that are already in the town, there is no shortage of talent locally.” Philip Broadhead, Cabinet member for economic growth, said: “Having seen some of the exciting proposals from the new owners of The Avenue Centre - protecting, regenerating and revitalising the centre - I think Bournemouth has much to be excited about. It is very encouraging to see outside investors recognising the potential and keen to dramatically improve its offer. “We already have a vibrant high street, bucking the national trend with an impressive 17% increase in footfall year on year. Further investment, particularly in this key area of town, will only help this trend.”
