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Gretna Gateway Outlet Village

 Gretna Gateway Outlet Village Gretna Gateway Outlet Village

KEY FUNCTIONS PERFORMED:

Development Design & Review, Leasing, Marketing and Operational Management

Gretna Gateway Outlet Village was opened in September 1999 in the village of Gretna, Cumbria on the Scotland border with England. The scheme is a single level building with a GLA of 78,000ft², ideally situated on the M74 motorway. This motorway is the principal link between the north and the south and accounts for 78% of the traffic. Access from Glasgow, Manchester and Newcastle is made easy by the good road network. Gretna Gateway Outlet Village is also close to the major tourist destination of the Lake District. This scheme has 40 tenants and included some of the best international designer brands such as Polo Ralph Lauren, DKNY, Tommy Hilfiger and Tag Heuer.

Lordland was appointed as Leasing & Management Consultant to the owners of Gretna Gateway Investors Ltd in April 2001. The project had not achieved the level of leasing that was targeted and was only 54% leased when appointed. The consultants brief was to re-launch the scheme both to the consumer and the industry. In addition the consultants were to review the management and marketing strategies and to implement a Business Plan that would achieve the owner's objectives.

The initial step was to review the existing customer base and to establish what constituted the core market for this scheme. A highly personalised campaign, focused on the major customer types, was developed for the 5 catchments areas and was communicated through print and television. Improved customer numbers supported the decision by a number of new tenancies to open in the scheme that has further improved the offer but also the performance of the existing tenants. In November 2002 the scheme on the strength of the improvements in performance was sold to a new single investor. This investor has retained Lordland as the Management & Leasing Consultant. The first phase of the scheme was fully let by June 2004. The owner had instructed Lordland to proceed with the pre-leasing of Phase 2 that would add further GLA of 48,000ft² and approximately 30 new tenants. This second Phase opened in October 2005 over 95% let and the trading performance of the new tenants was well above expectation. The continued improvement in our marketing and leasing activity has seen greater increase in visitor numbers than new retail space. Coupled to this the average spend achieved from each customer has increased and this has further reinforced the strong performance of the asset.

The owner took the decision to sell the asset and this was acquired by The British Rail Pension Fund in October 2005. This purchase was facilitated by the significant financial performance of the asset and its future potential for income growth through the continued application of the good management practices put in place by Lordland. At the sale date the scheme had 1 vacancy in Phase 1 & 2 respectively with tenant interest in both units. The project would be resourced by asset management internally appointed by the new owners and at the end of September 2005 Lordland's involvement ceased.

Gretna Gateway is a good example of superior performance achieved from an underperforming asset after a period of effective management by Lordland.

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