Case Study
Festival Place Shopping Centre, Basingstoke
Revitalised Basingstoke shopping centre, boosting value and preparing for sale.
October 14, 2024
Sovereign Centros from CBRE were appointed as Asset Managers of Festival Place, Basingstoke in May 2023. The 1.1m sq ft shopping centre had been placed into receivership following an unsuccessful marketing campaign and required an intensive asset management strategy before going to market again. The centre was suffering from a particularly high vacancy rate, with a vacant department store, 4 large vacant units which previously housed fashion anchors and an almost entirely vacant upper level.
The business plan leasing strategy focused upon solutions for these key issues, along with an updated tenant mix strategy and general push to fill voids and reduce landlord shortfalls elsewhere.
Sovereign Centros worked up terms with a fashion anchor on the department store unit and successfully let up all 4 vacant ex-fashion units. 15,000 sq ft of the upper level was let to two leisure anchors, this will drive footfall and subsequently tenant demand to this part of the centre.
During Sovereign Centros from CBRE’s instruction, 80 transactions were completed, of which 24 were new entrants to the centre. Key new brands introduced include Sostrene Grene, Rituals, Slim Chickens, Superbowl, Hans Buffet and Heavenly Desserts.
Other key initiatives saw a drive to reduce service charge and other outgoing costs. From the date of instruction to marketing of the centre, the Net Operating Income grew by approximately £1 million pa.
Stakeholder engagement was also critical to the delivery of the Business Plan and Sovereign Centros from CBRE were able to re-energise the consultancy teams (appointing new advisors on leasing and project management) and re-establish broken relationships with the Local Authority freeholders.
Finally, with a short-term ownership in mind, preparing the asset for sale was at the forefront of all actions, ensuring information was readily available to an incoming purchaser, reducing the time both on the market and in legals.
Working in conjunction with the appointed sales agents, the Sovereign Centros team continued to provide strategic advice throughout the sales period and after 22 months of intensive Asset Management, the centre was successfully sold in April 2025.
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