October 2025
The retail recovery since the pandemic may have boosted investor confidence, but transactions in the UK market are still at a relatively low level, and those worth pursuing are highly competitive. Against this backdrop, GCW’s investment team is pleased to report healthy performance on deals and volumes – which is largely down to a rare ability to provide the right advice within very tight, decisive timescales.
Where there are pockets of value in today’s market, it’s a rapid advisory response that puts landlords and potential investors ahead. Of course, as well as being swift, that advice has to be accurate and comprehensive, based on expertise covering all the complexities of a transaction. And this is where GCW’s nimble structure offers advantages over larger advisory firms.
Pooling knowledge and experience.
When we need insights from our occupier or owner specialists, we can pull together a senior team very quickly. There are no silos within GCW, so key questions get answered in hours, not days. Oli Horton, GCW partner on the investment team, explains: “Easy, quick access to senior experienced colleagues inputting from a landlord and tenant’s occupational perspective gives GCW unique insight in supporting the investment team.” This applies whether we are readying assets for sale quickly and accurately, or providing expedient, succinct advice to buyers.
Numbers readily available.
Clients looking for decisive action in securing deals or exploring whether to sell assets also want the certainty of sound financial analysis. This is another area where GCW does things differently. For example, when we build cash-flow models, we send them to our clients, so they have all the details and can work on them. As Ben Legard, GCW associate director, says, “They trust our models and input into them. This speeds up due diligence, so again, we’re helping our clients get ahead. We’re unique in providing thorough analysis and open-format modelling, and not just a summary snapshot from a protected model, where you can’t see under the bonnet.”
The effectiveness of our investment team’s approach is reflected in a string of recent successes, especially in shopping centres…
Unlocking potential at the St Enoch Centre, Glasgow.
Occupying a 12-acre site at the junction of Buchanan Street and Argyle Street (Glasgow’s prime retail pitches) and close to Scotland’s busiest railway station, the St Enoch Centre is a landmark retail and leisure destination. With Glasgow recognised as the UK’s strongest retail centre outside London, many of the big players want to be there – and in the 800,000 sq ft St Enoch Centre and its Argyle Street frontage in particular.
Spotting a rare opportunity, real-estate investor Praxis acquired the centre in May this year, advised by GCW. It was a sizeable transaction, as James Waldock, GCW director, comments: “By value, this is the second biggest arm’s-length shopping-centre transaction completed in the UK this year. In an evolving retail environment, it highlights the enduring value of well-located assets with strong retail and leisure fundamentals.”
Mark Smith, Managing Director at Praxis, agrees: “While we’ve seen a high churn of distressed shopping centre opportunities over the last decade, the centres we are now beginning to see are getting stronger, with good fundamentals off rebased income levels. St Enoch has the right foundations in the right location, and can offer everything from fashion to food, with both a daytime and evening economy.” He adds how the choice of advisor was important: “We knew this investment was right for us, so we were keen to get the right advice to secure it. James and the GCW team have the in-depth knowledge, experience and contacts we needed.”
Praxis is already putting its investment to work in enhancing the St Enoch Centre. Mark summarises: “We’re delivering some exciting new operators – Uniqlo, for example, is about to open a big store to further strengthen the tenant line up following Next’s opening of a flagship store earlier this year. We’re also investing a lot in the physical building, making sure it’s fit for the future.”