A large regional shopping centre in Ryde, redeveloped and opened in 2010, with a gross lettable area of over 77,500sqm, and room for 6 majors, 20 mini majors and 300 other retailers. Redevelopment costs were significantly more than expected, and the centre did not attract the forecast foot traffic and store sales to support tenant lease terms, and many tenants began to fail. Following an unsuccessful sale campaign, the Syndicate of Lenders appointed Receivers.
- Implemented a new leadership strategy, appointing our own management team;
- Completed the many outstanding construction defects;
- Commenced an intensive tenant administration and abatement program, designed to preserve leases in the short term whilst foot traffic and turnover increased;
- Instituted new accounting, lease management and reporting systems;
- With the support of the Lenders, undertook capital works to lock in major tenants;
- Undertook major tenant re-mixing and leasing programs designed to improve traffic in several areas;
- Undertook a major new leasing and lease restructuring strategy to align lease terms to cashflow;
- Following a stabilisation period, listed the centre for sale involving an international campaign;
- Following a sale campaign, entered into arrangements to sell all the debt securities to the successful bidder.
The Receivers remain in place, running the Centre for the new Lenders. More recently, the Receivers have overseen further remixing and capital works changing the focus of the Centre from fashion to fresh food.