A Chartered Surveyor, Nicholas has 45 years' experience in the real estate industry as both a commercial property developer and investor, having developed in excess of 3 million square feet of commercial space. Aside from commercial property, Nicholas has a diverse portfolio of investments including holdings in several new start up businesses.
Early Career
In his early career, Nicholas worked for a leading commercial estate agency, was the estates director of a large UK retail group and later set up a successful commercial real estate business in California.
Arrowcroft
From 1983 onwards, Nicholas was a Director, Chief Executive and latterly Chairman of Arrowcroft, one of the UK's leading privately owned property companies. Arrowcroft developed and invested throughout the UK. Projects included major shopping centres, business parks, industrial and office developments.
Among numerous development projects, the largest was The Albert Dock, Liverpool, which at 1.3m square feet, is the country's largest groups of historic Grade 1 Listed buildings, comprising hotels, museums, restaurants, shops, offices and 110 apartments.
The company undertook joint ventures and partnered with Government bodies, Utility companies, Pension Funds, Insurance Companies, service providers, leading banks and major property companies. These included a venture with Northwest Water (later United Utilities) to manage and develop their surplus land holdings, comprising around 100 sites. In the mid 2000's ventures were formed with 4 leading financial institutions to manage £300m of distressed assets.
Arrowcroft Case Studies
Albert Dock, Liverpool
Project Description
In 1983 Arrowcroft embarked on its most ambitious project, the regeneration of the Albert Dock, Liverpool. The scheme pioneered mixed use development, resulting in over 1.3 million square feet of high quality accommodation. The project was phased over a 20 year period and was undertaken in partnership with the Merseyside Development Corporation, which was established by the Lord Heseltine. The Albert Dock is not only the country’s largest group of Grade 1 Listed buildings, but is also a UNESCO World Heritage site.
Result
The Albert Dock initiated Liverpool’s extensive Regeneration Programme. Today it forms the centrepiece of the waterfront embracing the new International Cruise Liner Terminal, International Slavery Museum, the creation of the Leeds to Liverpool Canal Link and the iconic Arena and Convention Centre. The Dock’s attractions include; The Tate Gallery, Maritime Museum and Beatles Experience as well as office accommodation, hotels and apartments. The Dock also offers specialist retail and a number of trendy restaurants and bars. Through continued refinement, the evolution of the Albert Dock has been at the forefront of the metamorphosis of Liverpool into a vibrant city of culture, that is continually voted as one of the top UK cities to visit. The combination of the above, together with the opening of Liverpool One make the city one of the fastest growing economies in the UK, offering the Albert Dock sustained growth for years to come.
Lower Precinct, Coventry
Lower Precinct, Coventry before refurbishment by ArrowcroftLower Precinct, Coventry after refurbishment by Arrowcroft
Project Description
Arrowcroft, in partnership with Royal London Asset Management and Coventry City Council, acquired and undertook the extensive refurbishment and redevelopment of Lower Precinct necessary to restore its vibrancy and viability to both shoppers and retailers. The project, which encompassed the newly refurbished Coventry Market, comprised the following:-
The enclosure of Lower Precinct beneath a fine and unobtrusive glass roof to create a high quality covered square, retaining the split level shopping.
Provision of approximately 25,736m2 (277,018 sq ft) of retail space comprising 29 shops ranging in size from 73m2 to 693m2 (785 sq ft to 7,455 sq ft), together with 4 Large Retail Units, the existing Co-Op department store, restaurants/cafes and kiosks.
A new multi-storey car park and refurbishment of the market roof parking to provide a total of 580 car spaces.
Refurbishment of the Rotunda restaurant as a focal feature of the scheme.
Creation of a new mall linking Lower Precinct to the market, thereby improving pedestrian circulation through this sector of the city centre.
Improved servicing with service access from Corporation Street.
Result
Total Development Cost £35m
Lettable Area 227,000 square feet
Anchor stores: H&M, Next, Uniqlo, Littlewoods, TJ Hughes, Sainsbury’s Local. All of these stores created new representation for these retailers, who were not previously trading in Coventry city centre
34 Unit shops
Complete refurbishment of Coventry’s indoor market (one of the largest indoor markets in the UK) and creation of a new market linking Lower Precinct to the Market to enable it to drive footfall and act as an additional anchor to the development
Prime Zone A rents move from £35 to £135 as a consequence of the development
The completed project raised Coventry’s performance in the hierarchy of retail centres, reducing expenditure leakage to neighbouring centres
Both architecturally and locationally, the development has created a sustainable, quality investment that will stand the test of time. The project won the BCSC Refurbishment Award against stiff competition, including Hammerson Plc.
Parkway, Denton
Ceramic Tile DistributorsEsporta Fitness Centre
Project Description
Located by junction 24 of the M60, 7 miles east of Manchester City Centre, Arrowcroft developed an estate of mixed use properties in partnership with United Utilities. The development comprised inter alia, a Pet Hostpital (c.35,000 sq ft) which included 200 dog and 100 cat apartments for a subsidiary of Mars Corporation, a c.30,000 sq ft Esporta Fitness Club and a 36,000 sq ft warehouse for ‘Ceramic Tile Distributors’, a subsidiary of Saint-Gobain.
Result
Arrowcroft obtained planning permission and engaged contractors. The properties were held by Arrowcroft within its investment portfolio and over subsequent years sold.
Arrowcroft Projects
Worksop - 900,000 sq ft distribution centre leased to B&Q acquired and managed in a venture with a major bank.
Axis business park, Liverpool, 350,000 sq ft distribution centre and HQ for TJ Morris, later extended to 700,000 sq ft, 100,000 sq ft for Car Craft and 600,000 sq ft for DHL.
Partnerships
Ventures were created with:
Personal
Nicholas has a keen interest in youth education. He was a governor of King Alfred School in London, sat on the Board of Governors at Thames Valley University which has since been re-named the University of West London and he also led the modernisation of a school at Zhaporozhye in Southern Ukraine.
He is a Freeman of the City of London, past Chairman of the Young Presidents organisation in London and enjoys all music especially blues guitar.
