Portfolio commercialisation & estate management
AmeyTPT has managed the Chiltern portfolio for 2 years.
Key facts and figures
· 37 stations
· 35% revenue growth
· Step change in the provision of facilities and services for passengers
Background, Objectives and Scope
Amey TPT was awarded a property management and leasing contract in 2014 by The Chiltern Railway Company Limited (“CRCL”), the franchisee of the network from London Marylebone to Buckinghamshire, Oxfordshire and Birmingham Moor Street.
Prior to 2014 the portfolio had been managed in a “low key” fashion by an in-house team without reference to external commercial metrics, and there had not been any noticeable turnover of tenants for a number of years. Our brief was to introduce market terms in all transactions, to improve the customer service offered by tenants and to realign the tenant mix at Marylebone by introducing non- food and drink tenants.
Portfolio Characteristics: The estate includes a wide range of station types ranging from the flagship terminus of London Marylebone through to major feeder stations such as Bicester and High Wycombe and small provincial stations such as Dorridge.
Financial Performance: Adopting the TPT methodology and approach to commercialisation has resulted in income growth of approximately 35% to date with a number of income enhancing transactions in the pipeline. A number of poorly performing tenants have either been removed and replaced, or they have refurbished in accordance with the requirement for improvements to customer service.
- Portfolio Highlights
- The introduction of non-food retailers at London Marylebone including Hotel Chocolat, Cardtronics, Boots the Chemist and Oliver Bonas
- The removal from London Marylebone of Camden Food Company and the relocation and downsizing of The Great American Bagel Company
- The introduction of over ten new tenants on the network beyond Marylebone
- The conversion of operational accommodation to commercial uses
- A major feasibility study on the derelict 12,000 square feet Brunel goods shed at High Wycombe for conversion to retail and catering uses
- The implementation of over thirty rent reviews and lease renewals
- Feasibility study on the relocation or reconfiguration of the head office function
- Significant growth in turnover rent generated and collected