GCW had initially advised owners, CBRE GI/BVK on the purchase of the centre and GCW’s specialist teams concentrated on delivering on the opportunities identified in the run-up to purchase. The shopping centre team devised an asset management plan to improve tenant mix, update the look and feel of the dated centre and developed a strategy to unlock rental growth over five years.
The strategy quickly delivered on several tenant initiatives, including an upsized Holland & Barrett, an upsized New Look, a re-geared and refitted Waitrose and new stores for Smiggle, Carphone Warehouse, White Stuff, Kiko and Pret a Manger. GCW’s professional team implemented a carefully considered rent review and lease renewal campaign to capitalise upon agency activity, taking the established Zone A from £75 to £100 in 18 months.
Overall GCW’s services outperformed the client’s expectations, achieving rental growth targets set for five years within two years and genuinely improved the tenant mix.
GCW is now exploring further asset management initiatives to improve the shopper experience at the Ashley Centre, including the provision of larger fashion stores and an increased food and beverage provision.