RECOVERING VALUE

CHESTER

The Grosvenor Centre required a future asset management strategy

 

Challenges:

Ellandi were appointed in late 2017 to advise HIG on the future asset management strategy for the Grosvenor Centre. The scheme comprises 101 units predominantly over one level with over 11% vacancy and a number of outstanding lease events to resolve. The NOI was c£2.3m and customer perception was poor

Strategy:

Using the strong combined occupier relationships between Ellandi and the leasing team from Barker Proudlove, there would be a focus on the outstanding lease expiries and lettings of the vacant space
A major study would be undertaken to review the opportunity to re-invigorate the Centre both in design and layout to provide a substantially better environment for the tenants and improve the footfall

Result:

There have been 24 deals concluded since instruction and, upon completion of the new Hotel to Premier Inn, the NOI will have increased by 65% to c£3.8m There are now exciting opportunities to redevelop  an area in the centre of the scheme for a major leisure offer to include cinema, bowling, gym and associated family dining restaurants

Contact: Alex Brooker

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