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.
Purchased by Lasalle at the end of 2013, Realm undertook a strategic repositioning of the scheme to make the centre more efficient and address historic void issues.
Within 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 reducing irrecoverable costs.
The centre was sold in 2017 to Blackstone who has retained Realm as asset and property managers to further develop and improve the scheme including a major £7m refurbishment in 2019 which was awarded a Revo Gold Award.
Realm completed a £3m refurbishment of this centre having been appointed to manage the scheme in 2015 on acquisition by Nuveen who also funded a substantial extension to the scheme to provide a Cinema and F&B units.
The revitalised scheme is now experiencing growth in spend and dwell time and improving the tenant mix.
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.
Clarks Village was one of the UK’s first outlet schemes and Realm managed the centre from 1997 right up to 2017 when it was acquired by Land Securities. Over the last 20 years under Realm’s management, the scheme has grown from being a collection of surplus factory buildings to one of the UK’s most successful outlet villages attracting 4m visitors a year.
Realm oversaw the development of 80,000sqft of new space at the scheme as well as the remodelling of 30,000sqft which included the launch of a new F&B terrace in 2014. Net income from the scheme has grown by 40% and throughout Realm’s management, occupancy has averaged 98% whilst at the same time a significant number of high quality, demographically suitable brands have been introduced to the centre through our dedicated in house leasing team.
Freeport Braintree was acquired by Hermes in 2004 from the original developers, Freeport plc as part of a £200m portfolio purchase Realm advised on.
In accordance with the acquisition Plan, Realm undertook a £6m project to improve the performance of the scheme through a series of remodeling steps with space being taken back and relet to better performing tenants. Also during this time, our development team secured planning for a 100,000sqft retail park scheme next to the outlet and in 2013 Realm introduced Hollister to the scheme, their first (and to date only) outlet store in the UK.
The centre was sold in 2017 to Land Securities having achieved sales density growth of 60% over the period of Realm’s management.
Formerly Freeport Castleford, this centre was purchased by Hermes in 2004. When acquired, the centre suffered from poor perception in the occupational market and a weak tenant mix.
Through an £8m asset management plan to reconfigure entrances, manage customer flow, remodel and relet under-performing units as well as relaunch the centre under a new brand, Realm has delivered an attractive and sought after destination with a much improved catchment as well as strong sales and income growth for the landlord.
The centre was sold in 2017 to Land Securities.
Acquired in 2004 by Hermes, Freeport Talke suffered a potentially fatal blow when its anchor foodstore vacated at the end of their lease which accounted for 25% of the scheme.
With this scenario built into the acquisition plan, Realm implemented a £5m turnaround project to remodel and relet the space as well as bringing M&S, Nike and GAP to the scheme as well as introducing a large space discount operator to secure its footfall.
From an occupancy which fell as low as 45% before the plan, Realm delivered a revitalised scheme with growing sales and stable occupancy of over 95% making the centre once again attractive to the investment market.
The scheme was sold in 2017 to Karlin Capital
Located on the Fylde coast close to Blackpool, Fleetwood is a popular tourist destination.
This centre was acquired by clients of Realm in 2004 from Freeport to deliver a Development Plan encompassing improvements to the customer experience and tenant mix through remodeling and reletting the scheme.
With an £8m investment the project was able to secure key signings to M&S and Gap and reconfigure the space into a pleasant two sided shopping mall with covered walkways.
The centre was sold in 2017 to Karlin Capital.
Located in the heart of West Bromwich city centre, this is the UK’s first in-town outlet park anchored by M&S, Gap, Nike Factory Store.
Launched in 2006, it is located 5 minutes from Junction 1 of the M5.
Realm were the original development manager of this centre which was opened by MEPC in 2000.
The scheme, which included a large family leisure element, was augmented in 2008 with the opening of an Asda superstore on the site after a lengthy but successful planning application which included a public enquiry.
Having further strengthened the tenant mix by introducing M&S, Nike and Gap, the centre was sold to Development Securities.
Realm developed the scheme at Royal Quays into its current form having remodelled and relet the existing development including bringing M&S and Nike to the scheme as new anchor tenants.
The centre was sold in 2006 to Waxy Developments.
Realm stabilised the occupancy and income levels so that the scheme could be successfully brought to market.
Working for the senior lender RBS, over a period of two years, Realm was tasked with delivering an attractive proposition which could be brought to market.
Realm stabilised the income of the centre and delivered the existing Business Plan including a cinema and McDonalds drive thru along with the necessary tenant relocations.
The centre was successfully sold in 2016 to Tristan Capital.