Case Study - The Galleries, Bristol

In January 2011, the InfraRed European real estate team purchased The Galleries, Bristol from The Mall Fund. This property comprises a 340,000ft² shopping centre plus a 1,000 space car park in the centre of Bristol. The tenant list includes various well-known high-street retailers, such as Argos, Boots, Gap, Laura Ashley, TK Maxx, WHSmith and Waterstone’s.

The acquisition presented an exciting opportunity to implement a number of added value initiatives and to reposition the asset, both within the Bristol retail landscape and the investment market. Specific plans include introducing new anchor tenants, letting vacant units, replacing temporary tenants with permanent ones and reducing the landlord non-recoverable costs. Capital expenditure will be used to rebrand the centre and improve the entrances, food court provision and sightlines, as well as facilitating and enhancing the traffic flow throughout the centre.

While the overall UK consumer market is under pressure from public sector cuts, tax increases and inflation, this asset offers considerable potential to generate value from direct, hands-on management. The asset will be realised once the business plan has been achieved.