The Liberty, Romford was the third asset acquired by Redical Holdings to grow their ESG focused Shopping Centre Fund. Continuing our work as Strategic Advisor and Operating Partner to the Fund, and following the acquisitions in Liverpool and Leeds, RivingtonHark identified the opportunity to buy The Liberty, Romford and worked collaboratively with the investment advisers to secure the asset through a very competitive bidding process. The corporate acquisition completed in June 2022 and provided the Fund with a prime shopping centre with strong retail income together with potential significant residential redevelopment opportunities.

The Liberty provides c. 500,000 sq.ft of retail with a strong fashion focus with the likes of Flannels, H&M, Next, River Island and New Look. In addition the scheme also has a multi-storey car park providing 806 spaces.

After advising on, and supporting, the acquisition due diligence RivingtonHark were appointed as Asset Managers for the scheme for an agreed period to February 2024 to give the Fund time to establish their “in-house” asset management capability. As well as utilising our Asset Management expertise the Fund also appointed RivingtonHark as Development Managers.

Some of the key successes during our Asset Management include:

• Completing 50 new lettings and renewals
• Expanding the F&B offer with lettings to Pret and Black Sheep Coffee
• Installing of new car park equipment and lighting upgrade
• Increasing Car Park revenue by >5%
• Creation and execution of an ESG action plan

Overall Net Operating Income was more than 6% ahead of Business Plan as a result of the asset management work carried out.

RivingtonHark continue to provide the Fund with Strategic Development advice and are actively exploring initiatives that could unlock sites within the asset that have the potential to deliver over 500 homes.