GCW advised London & Associated Properties Plc in the purchase of this centre from Delancey in 2002. King Edward Court had been under-performing relative to prime Peascod Street, which presented immediate asset management opportunities, although with GCW’s advice there were greater rewards to exploit through partial redevelopment.
One third of the centre was redeveloped to provide much needed fashion stores for Zara, Hennes, Top Shop and New Look. GCW’s innovative development advice enabled LAP to also provide a new Waitrose supermarket above these stores with direct access into an enhanced multi-storey car park. The development also included a Travelodge and restaurant.
GCW’s advice to LAP and their joint owner, HBOS, also included negotiating with the Windsor & Maidenhead Council, as superior landlord, to vary the terms of the head-lease to facilitate the development, including securing a capital payment towards the cost of the works. GCW also coordinated close liaison with other key stakeholders in this politically sensitive Conservation Area.
Over the three year development programme GCW’s professional team worked closely with their agency colleagues to provide a cohesive strategy for implementing lease renewals throughout the centre, including the anchor stores and other key tenants. This close liaison enabled LAP to utilise the renewal process to improve the tenant mix in the remainder of the centre, including the introduction of much needed catering facilities to help improve footfall and dwell times.
Over the period of LAP’s tenure the centre has enjoyed asset performance well in excess of industry benchmarks, such as IDP. King Edward Court now offers first class fashion retailing in a modern environment, addressing the previous disparity with Peascod Street that existed at purchase.