Commerz Real appointed LSH to asset manage Victoria Square, Belfast, which covers 922,000 sq ft and incorporates 98 stores and restaurants, a car park and cinema. It has an annual footfall of approximately 11.4 million visitors.
The client had two key focuses: to improve and maintain occupancy levels, and increase the efficiency and profitability of the scheme.
LSH set up a new property asset management team, including an asset manager, a property manager, a full property management accounts team, a retail leasing team and a commercialisation specialist.
A retailer gap analysis was conducted to identify target brands for the vacant units. At the quieter entrance of the scheme, a public seating area and pergola were created to increase dwell time and lettings in the immediate vicinity.
An experienced, energetic and dynamic centre management team, including a new centre manager, an operations manager and a retail liaison and events co-ordinator were recruited.
Face-to-face tenant liaison meetings were carried out to better understand occupiers’ retail performance and requirements. LSH also re-tendered the two main service contracts to improve cleaning, security, operational efficiency, and reduce costs.
As a result, the number of vacant units at the scheme was reduced from 28 to 15 with successful lettings to brands including Mango, Swarovski , Michael Kors and Yo Sushi. Since LSH was appointed to manage Victoria Square, total sales at have increased by seven per cent.
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