Case Study: Navan Retail Park
Leasing strategy which has doubled the rent roll since acquisition, introduction of new build filling station with a missing food and beverage offer under a long leasehold rent.
A partially occupied retail park with 30% of the entire vacant, full planning permission for 30,000 sq.ft of an extension and 7.5acres of surplus lands.
On acquisition the park required investment into the overall appearance, landscaping actions were carried out, upgraded totem pole, new hoarding & fencing including new branding images & website.
The asset management plan identified targeted retailers for the vacant accommodation which included the introduction of a new build Applegreen service station which also delivered a food court. A strategy was developed for the 7.5 acres of land surrounding the park and planning consultants were appointed. Asset managers met with Meath County Council to agree the masterplan for the site
New letting agents were appointed and new lettings were agreed with Homestore & More, EZ Living, Jysk & Applegreen. Applegreen developed their store under a ground rent agreement. Planning permission was achieved to deliver the balance of these lettings to include unit amalgamations and new mezzanine accommodation. In addition, planning permission for a 30,000 sq ft extension of the scheme was renewed for a further 5 years.
By Q1 2019 the retail park was fully occupied for the first time since it was built and this has been maintained since.
Rent roll has doubled since acquisition.