The Forge Retail Park
Background
Tristan Capital Partners appointed Quadrant to replace the previous asset manager in 2019, as the scheme had suffered from substantial vacancy, declining value and WAULT.
At the time of Quadrant’s appointment, the park had 40,758 sq ft of vacant space and required a number of re-gears due to a low WAULT and needed improvements to landscaping and signage.
What We Did
Since our appointment significant work has been undertaken to generate new income and reduce vacancies, which has since been lowered to 8,653 sq ft.
Asset Management Initiatives
In 2020, works were completed to bring Aldi to the scheme, providing an additional £300,000 pa of income, with other additions including 2 newly constructed drive-thru units let to Starbucks and Burger King, generating new income of £200,000 pa.
2021 saw new lettings to The Gym Group, Next Outlet and Greggs which were all new entrants to the scheme, as well as completing on a reversionary lease to B&M for a further 10 years.
During 2022, an upsize of Home Bargains was agreed enabling their expansion into the adjacent unit.
Further new lettings exchanged in 2023 with Cancer Research and British Heart Foundation.
- Glasgow
- Location
- 375,000
- sq ft
- Asset Management
- Deal type
- Tristan Capital
- Capital Partner
- Current
- Status
Meet the team who worked on the The Forge 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.