Purchased £10.5 million – sold £122.5 million
Rescued from receivership, The Galleria, which comprises some 500,000 square feet was acquired in 1993 and is our best known success story. At the time it was generally considered to be a “failed” scheme with many and varied problems. When we undertook this project we created a strategy that would take The Galleria from its receivership situation and transform it into one of the most significant outlet centres in the UK.
The Galleria is unique in being one of the first outlet centres in the UK and to date, the only successful conversion of an existing retail centre to an outlet format. The format chosen specifically allowed for a small element of conventional retailing to complement the outlet strength, greatly enhancing the trading ability of the scheme and its attraction to the shopping public and retailers.
In 2005, the WD Limited role of investor in the scheme came to an end when it was sold on to Land Securities plc at a price of nearly 12 times the original purchase price, £10.5 to £122.5 million. Recognising our expertise and experience, Land Securities retained WD Limited as Managing Agent and Asset Managers after purchase for a one year period.
The Galleria is today regarded as one of the top five UK outlet centres and has the third highest trading potential, whilst being the second most visited outlet centre in the UK and a recognised landmark and feature of North London and the Northern Home Counties.