Waltham Cross Shopping Centre
A covered shopping centre built in the 1970s comprising approximately 144,000 sq.ft
Mainly multiple tenants but also a number of independent retailers.
Date
1999
Transaction Size
£ 24m
Principal Investor
GE Capital
Accomplishments
Completed a significant number of lettings, lease renewals and rent reviews enhancing rental income
Restructured a number of leases and re-configured space to enable re-lettings and increased rental
Focused on tenant mix to make the centre more attractive and appealing to the local population to ensure Waltham Cross remained stronger than other competing centres.
Reduced irrecoverable service charge and rates
Obtained planning consent for a re-configuration of the centre, including introducing a major space user, health club, bar and re-housing the adjoining Conservative Club which would be included in the development site
Redecorated and introduced new signage throughout to brighten up the centre
Refurbished the car park and obtained a National Secure Car Park Award
Exit & Returns
Rental income Increased from £1.52m to £1.91m Capital value increased from £16.2m (gross cost) to £20.5m upon sale.
IRR of 16% (unlevered) excluding income
