This project involved:
Case Study Background
Wimbledon Station is an important interchange in South West London with annual footfall in excess of 30 million. A unit trading as a dry cleaner was located in a prominent location, fronting onto the main booking hall with direct access onto the overbridge benefitting from exposure to approximately 70% of the station’s footfall.
The tenant enjoyed protection under the 1954 Landlord & Tenant Act, the fit out was fell below the standards expected for a prominent retail unit at a high-profile station. The tenant did not have adequate capital or the desire to invest in upgrading the unit and the turnover generated by this tenant did not represent the most profitable use of this space
Our input & deliverables
- Identified of an underperforming tenant located in prime retail space
- Secured of vacant possession at rent review
- Undertook market research in order to identify a more appropriate retail use in line with the station demographic
- Conducted an informal tender exercise amongst target retailers
- Agreed Heads of Terms, instructing solicitors and working with the tenant to secure the necessary consents.
- Increased customer spending at the station. 1st quarter sales exceeding tenant expectations.
- Aesthetic improvements to the station.
- Increased segmented retail mix and improved customer experience
- Opportunity to relocate the dry cleaning and key cutting services to a smaller less high-profile retail.
- Incentivised the new tenant to agree Heads of Terms for a further letting at Richmond Station