This project involved:
Case Study Background
Marylebone Station is a Grade II listed terminus in the heart of London with annual footfall in excess of 16 million per annum.
Chiltern Railway operate services to and from the Station which is connected to the London Underground network by the Bakerloo line.
The International Cheese Centre had traded for many years, sales were declining year on year with the shop increasingly acting as a show room for the tenant’s cheese wedding cake business. The turnover rent payable was well behind station benchmarks.
The unit is 355 ft2, located in a secondary site away from the main passenger circulation space although benefits from good sight lines
Our input & deliverables
- Recommending to the client that an alternative tenant would generate both a significantly higher turnover rent and an enhanced customer experience.
- Managing a potentially difficult situation with the former tenant after advising him that the tenancy would not be renewed.
- Advising the client to adopt an interim strategy to introduce pop up retail to maintain an income stream whilst securing a long-term tenant.
- Negotiating a contract with “Appear Here” to secure pop-ups and managing the ongoing relationship.
- Recommending a marketing strategy to the client and undertaking an informal tender.
- Agreeing Heads of Terms for a 6-year tripartite lease with Prêt à Manger to introduce a Petit Prêt
- Working with the new tenant supplying design/layout advice to secure listed building and landlord’s consent
- Early Access was put in place to enable the fit out prior to lease completion
- An uplift in rental income of 1300%
- The halo effect created by the increased footfall has improved sales and income from adjacent units.