In 2002, with the help of our investor partner, The Blackstone Group, we bought Triangle, a 150,000 sq ft shopping centre in Manchester, from Frogmore Developments.
We carried out extensive research into what was already on offer in Manchester.
We discovered what was missing and who was missing out. And we repositioned the centre to focus on Manchester’s ‘urban achievers’.
We carried out a carefully phased refurbishment, which ensured the minimum disruption for the retailers. Our redevelopment included retaining the Grade 2 listed façade and the refurbishment of the vast, tiered hall. We designed new entrances and installed an elevated ‘sky bar’ in the middle of the centre.
We retained some of the existing retailers: Calvin Klein | O’Neill | Karen Millen | Jigsaw
And we attracted new retailers including multiples:adidas Originals | Free Spirit | Lambretta | Storm | Westworld
And we introduced new, young retail brands:Vicky Martin | Joy ArtLounge
Within 18 months the footfall had increased by over 30% and retailers were reporting a year-on-year increase in sales of 10%. Christmas 2004 showed a footfall increase of 50% over 2003 and an increase in sales of 15%.
In 2005 The Blackstone Group felt that the time was right to sell Triangle.
Stuart Grant at Blackstone: ‘Triangle was a good investment for Blackstone. It was our first investment with Milligan as our partner and I’m sure it won’t be our last. They delivered everything that they promised. The sign of a successful relationship is whether you’d want to work with the team again – and we would.’
Triangle is now owned by The Morley Fund. Morley recognised that Triangle’s success was down to the Milligan team.
Triangle has become the centre of fashion, culture and leisure for the young “urban achievers” of the North West.