Blackpool, Houndshill
Following the demise of the scheme's previous developer, Sovereign Centros took over the asset management of the 450,000 sq ft Houndshill Shopping Centre in 2010 on behalf of the administrator, KPMG, and major creditor, Irish Bank Resolution Corporation Ltd.
Business Plan & Achievements
Despite the economic climate, Centros stabilised income by concluding numerous strategic lease renewals and rent reviews, as well as a number of new lettings.
Following the implementation of a new management regime and a fresh marketing campaign, car park revenue grew by 6.5% and annual footfall increased by more than 250,000 people.
All the outstanding construction issues from the 2008 extension were resolved and the asset was then prepared for disposal - with Centros managing the sale process through to its successful conclusion at the end of 2011.