A struggling 17,000 sqm centre with an exceptional catchment population and potential for an additional phase. Acquired at a site and development cost of €65Mn.
Purchased with a 30% vacancy and struggling operational metrics. A new business and marketing plan was created to reposition the brands and tenant line up, refocus the marketing to target the wider 18Mn+ catchment population and realise the possible extension of 8,000 sqm.
The revamped operations and marketing team were involved in leasing 4,000 sqm of vacancy, increasing retailer sales by 33%, signing 50 new leases and pre-leasing over 60% of the 8,000 sqm phase 2. Many new brands were attracted and a substantial profit realised upon sale to McArthur Glen Europe. Sold for €95Mn.
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