Enclosing a half mile mall to improve year round performance
The half mile long, 300,000 square foot Greenock Shopping Centre was acquired in partnership with Inverclyde District Council and was thoroughly refurbished, extended and major new anchor stores were attracted.
The main feature of the refurbishment was to enclose the entire shopping area, providing an attractive fully glazed mall that offered year-round shopping comfort in an area of the UK with very high rainfall. Life safety systems were introduced including the installation of sprinkler and fire alarm systems into every unit throughout the scheme. To enable every unit to maintain full trading throughout and without inconveniencing their customers, the majority of work was undertaken outside trading hours. In addition, a service charge was introduced with a significant voluntary take-up to arrange for the ongoing management of the scheme. This provided significant financial benefits towards the project’s end result and overall success.
The centre, now known as Oak Mall, was sold in 1994 and continues to be a financial success. This particular project generated a very healthy 53% IRR after tax.