Bought by Lasalle at the end of 2013, Realm undertook a strategic repositioning of the scheme to make the centre more efficient and address the historic void issues.
In three years, Realm achieved 29 new lettings, improved the occupancy from 85% to 97% and grew the net income by 50% through rental growth and reduction in irrecoverable costs.
The centre was sold in 2017 to Blackstone who has retained Realm as asset and property managers to further develop and improved the scheme including a planned £7m refurbishment.
Whilst the scheme opened for trade in 2013, Realm’s involvement started in 2011, working with the developer and current owner Quintain to set up the management and operation of the centre as well as advising on tenant mix and leasing the scheme prior to opening.
The centre has quickly established itself as one of the leading outlets in the UK and Realm continue to drive the improvement in tenant mix as well as advising Quintain on other retail elements and development initiatives of the Wembley Estate.
Realm has recently completed a £3m refurbishment of this centre having been appointed to manage the scheme in 2015 on acquisition by the TH Realm Estate who also funded a substantial extension to the scheme to provide a Cinema and F&B units.
The revitalised scheme is now well placed to maintain the immediate sales growth that has been achieved in 2017 along with the improvement in tenant mix and net income which is ahead of the acquisition business plan.Learn More>
Princes Quay is the UK’s first hybrid Full price and outlet shopping centre, an innovative scheme delivered by Realm following years of decline and increasing vacancy which suffered in the past from new competition in the city centre for Full price tenants.
The project, which has seen Realm manage a development budget of £20m is still ongoing with the next stages underway to create and let an attractive F&B line up to complement the retail.
Realm’s approach and lateral thinking in combing full price, outlet and leisure offers in a centre to differentiate it from the competition as well as restore income and value for the owner has been widely praised and is seen as a potential model for other schemes who suffer from lack of full price demand.
Located on the Birmingham NEC Estate, Resorts World is a unique leisure and outlet retail destination owned by Genting UK who also operate a Hotel and Casino in the building.
Genting chose Realm to be their retail manager and advise on the set up and operation of the building prior to its construction with Realm leasing the outlet units in the development.
Our in house leasing team leased 32 units over 18 months to deliver occupancy of 87% when the scheme opened in 2015.
Realm continues to manage and lease the outlet element of the scheme, working with Genting to maximise its potential.
Realm has managed this scheme since 1997 and worked under four different owners to deliver acquisition business plans and target returns.
In 2003 Realm carried out a £15m remodeling of the centre to reconfigure the space and change the layout from an underperforming line of single units to the attractive double sided mall environment with covered walkways that exists today.
The investment in additional space, remodelling and new lettings delivered an instant uplift in sales densities and rental tone. Today, Realm are now working with the current owners on a refurbishment of the scheme to ensure it retains its prominence as a popular family outlet shopping destination with excellent connectivity.Learn More>
Sterling Mills is the regional outlet centre for the Forth Valley.Learn More>
Wembley Park is an ambitious new premier neighbourhood and shopping destination and London’s largest regeneration area with a total investment spend of £3bn creating a new 85 acre neighbourhood offering 8.8 million sq ft of mixed-use development.Learn More>