Property Search
This project involved:
Case Study Background
In 2008, South West Trains appointed TPT now AmeyTPT to manage their property estate. Clapham Junction and Vauxhall were both high profile and footfall stations but characterised by retail premises that had failed to evolve to passenger trends and therefore detracted from rather than enhanced the overall customer experience at the stations. The tenant benefitted from protection under the 1954 Landlord & Tenant Act and given the location of the units was unwillingly to surrender these valuable leases
Our input
- Meeting with the retailer to highlight where existing retail offers failed to meet client expectations in terms of unit presentation and product offer. Conveying the message to the tenant that the financial return to both the landlord and tenant were sub-optimal
- Discussing options, using AmeyTPT Benchmark methodology to identify retail categories currently undercatered on the two stations. Liaising with an openminded and entrepreneurial retailer on potential unit enhancements including product range and shop fitting.
- Agreeing heads of terms, liaising with tenant’s designer, obtaining and submitting shopfit plans for Network Rail landlord’s consent, liaising with Network Rail throughout process, reviewing site safety documentation, submitting for approval and project managing tenant’s works on behalf of the client.
Deliverables
- Vastly enhanced retail provision, improving customer experience and the creation of the Dessert Deli brand
- Income Year 1 rental uplift at Vauxhall of 152% and 85% for Unit 3b Underpass and 39% for Unit 5 Underpass at Clapham Junction.
- Creation of a retail offer that has a popular consumer following which has led to expansion of the brand to 2 further stations with ongoing discussions for new sites.
- The tenant has continually evolved the product range in line with customer expectations.
