Realm has secured two new high profile instructions from existing clients TH Real Estate and Quintain, which sees us take on combined asset and property management services on Milsom Place in Bath city centre and Wembley Park, London.
Following TH Real Estate’s recent lettings to The Botanist and Spin Village, Realm has been brought in to initiate and deliver a new vision to reposition the scheme as Bath’s premiere Dining and Lifestyle destination.
At Wembley Park, Quintain’s massive 85 acre residential-led regeneration, Realm is already the asset and property manager on London Designer Outlet, London’s leading outlet scheme. Across the Wembley Park estate, Quintain is developing a further 40 retail and F&B units and Realm’s management remit has been extended to cover this as they are built and let over the course of the next 18 months. This will bring Realm’s Wembley management portfolio to c.400,000 sq ft.
Realm is predominantly known for its specialism in the UK outlet sector, which is largely run on a turnover lease basis. This model will now be rolled out across both the schemes at Bath and Wembley Park and allow us to take a more active approach to the management of both assets by aligning asset initiatives with the needs and wants of tenants.
Commenting on the news, Realm’s Managing Director, Colin Brooks said:
“Both TH Real Estate and Quintain recognised the need to bring in a holistic asset manager to commercially drive sustained footfall and occupier sales. It’s no secret that the retail market is changing and, as an industry, we need to be more flexible with the way we work – we cannot just rely on the way it’s always been done anymore. We believe the lessons we have learnt from our other centres can easily be applied to these two projects, and we are delighted to have extended our existing client relationships with these two major real estate players. We look forward to working with them to successfully deliver against the business plans laid out for the projects.”
Marcus Langlands Pearse, Fund Manager at TH Real Estate, commented:
“We have employed Realm, with whom we already have a strong working relationship, to bring a more hands on asset management approach to ensure the revitalisation of Milsom Place. By embracing the turnover model, more normally attributed with outlet malls, the Fund is seeking to broaden the appeal of Milsom to a wider mix of artisan and local restauranteurs, lifestyle operators and retailers; complementing our existing strong tenant mix.”
Matt Slade, Retail Director at Quintain, added:
“Realm’s extensive track record at London Designer Outlet and proven ability to deliver across all commercial property and retail operational skillsets made extending their management remit further across Wembley Park a simple decision for Quintain.”
This news marks a turning point for Realm, whose 17-year record of accomplishment in the outlet market and occupier partnership approach has led to us becoming the sector leader in this retail operational model. It follows on from three significant hires to bolster the experience of its leasing team.