Gray’s Shopping Centre
A covered shopping centre comprising of approximately 214,000 sq. ft. with multiple and independent retailer tenants
Date
April 2003
Transaction Size
£28m
Principal Investor
GE Real Estate
Accomplishments
Utilised previously unused space in the Central Mall and introduced a mall café
Re-brand centre logo and signage
Chainbow implemented a planned maintenance programme to deal with the historic disrepair and compliance with the Disability Discrimination Act 2004
Reduced the service charge substantially through diligent cost review and re-tendering of all service contracts
Worked through Thurrock Borough Council to regenerate Grays Shopping Centre and town area
Second shopping centre in the country to sign up to the Child Safe Zones scheme
Exit & Returns
Rental income increased by 12% IRR of 62% (levered)
Capital value increased by 16%
IRR of 13% (unlevered)
Since purchase in April 2003, Chainbow added 20% to the net income of the centre.
