Star City
Background
Star City is a large-scale leisure and retail destination in Birmingham, acquired with CarVal Investors from Cerberus in December 2016. The asset has undergone significant repositioning since acquisition, supported by an active leasing and asset management strategy.
What We Did
Devised and implemented a strategic asset management and leasing plan to reposition the asset, strengthen the tenant line-up and drive long-term value. This included lease regears, tenant expansion projects, new development opportunities and lettings designed to improve income, occupancy and asset performance.
Asset Management Initiatives
- Delivered a surrender and regear with Vue, including the surrender of 25,000 sq ft and completion of a new 15-year lease alongside a trampoline operator.
- Completed a regear and upsizing with Tenpin, increasing its floor area by 10,000 sq ft and extending the lease term to 25 years.
- Developed a new entrance pod, now occupied by Costa and Domino’s.
- Enhanced tenant mix and increased income through active leasing and asset management initiatives.
- Increased the WAULT from 8.5 years to 13.9 years.
- 400,000
- Size (sq ft)
- Birmingham
- Location
- CarVal
- Capital Partner
- Current
- Status
- Leisure
- Sector
Meet the team
Meet the team who worked on the Star City project
Richard is a highly experienced retail specialist with a primary focus on retail parks, leisure assets, and the development of leasing and occupier relationships. With over 10 years of experience at Ellandi, Richard initially served as Head of Occupier Relations before advancing to a Director position. Prior to Ellandi, he spent four years at Landsec, gaining extensive expertise across various regions and legal jurisdictions within the UK and Republic of Ireland.
Throughout his career, Richard has successfully managed up to 2 million square feet of retail space, developing strong relationships with UK occupiers and negotiating portfolio-wide deals. He has also worked closely with investment teams to identify and source new opportunities, contributing to the sale of approximately £700 million of assets in his final 15 months at Landsec. Richard’s deep understanding of the retail sector and his ability to drive strategic growth make him a key asset in managing and expanding retail and leisure properties.
Alice is an accomplished real estate professional with broad experience in investment analysis, asset management, and development across the UK and Asia. Prior to joining Quadrant, she was part of Greystar’s London team, managing a £3.5bn portfolio and supporting business planning, refinancing, and asset disposal strategies. Her work focused on enhancing portfolio performance through value-add initiatives and disciplined financial analysis. Earlier in her career, Alice gained commercial real estate experience in Taipei, contributing to market research, client negotiations, and government-led property projects. She brings strong analytical expertise and a global perspective to her role at Quadrant.