Just over one year after receivership, a major 550,000 sq ft shopping centre in the South East of the UK is showing positive and tangible signs of recovery.
We took over the property management three months after the Receivers were appointed and the asset management role at the six month mark, faced with £598,000 rent arrears and 58,494 sq ft of vacant shops (11 per cent void).
One year later, the rent arrears are down to nil and the vacant space has reduced to 3.34 per cent void with more new lettings in the pipeline.
A strong team now in place
We have built a strong centre management and advisory team. Relationships with tenants are positive and there is a mutual drive to increase footfall which has improved by 100,000 visitors in a one year period.
Marketing to increase footfall
We have just announced a major injection of budget to market the centre’s attractions to a much wider audience and some £400K will be spent on promotional activities.
Exploring potential for the future
We are also working closely with local MPs and the local authority to revive the town’s retail appeal and are now examining the potential of leisure uses to add to the local facilities which will further enhance the value of the retail centre.