Quintain has appointed asset manager Realm to advise on 40 retail and food and beverage units that are being developed at Quintain’s Wembley regeneration scheme in north London.
Realm, which is already the asset and property manager for Wembley’s London Designer Outlet, will manage the units as they are built and let over the next 18 months.
Realm’s Wembley management portfolio will now account for circa 400,000 sq ft of Quintain’s 85-acre scheme (pictured).
Separately, Realm has also secured a mandate from TH Real Estate to provide combined asset and property management services on Milsom Place in Bath’s city centre.
Realm aims to reposition Milsom Place as a prominent dining and lifestyle destination in the city. The fund has so far secured lettings including The Botanist and Spin Village.
Turnover leasing
Realm is known for its specialism in the UK outlet sector, which is largely run on a turnover lease basis. The turnover model will be rolled out across both the schemes at Bath and Wembley Park.
The asset manager said this would allow it to take a more active approach to the management of both assets by aligning asset initiatives with tenant requirements.
Marcus Langlands Pearse, fund manager at TH Real Estate, said: “By embracing the turnover model, more normally attributed to outlet malls, the fund is seeking to broaden the appeal of Milsom to a wider mix of artisan and local restaurateurs, lifestyle operators and retailers, complementing our existing strong tenant mix.”
Lessons learned
Colin Brooks, managing director at Realm, said he believed the lessons learned from its other centres can “easily be applied to these two projects”, adding: “It’s no secret that the retail market is changing and, as an industry, we need to be more flexible with the way we work. We cannot just rely on the way it’s always been done anymore.”
Realm’s existing portfolio has £500m of assets under management, across seven centres covering around 2m sq ft. There are 500 tenancies across the portfolio with gross billings of circa £60m.
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