Victoria Leeds, including Victoria Quarter, Victoria Gate and Wrays Building

Strategic advice provided to ESG focused shopping centre Fund on acquisition and subsequent Asset and Development Management

Redical Holdings appointed RivingtonHark as Strategic Advisor and Operating Partner when they first established their ESG focused Shopping Centre Fund in 2021. Having already identified and advised on the Fund’s first acquisition (Clayton Square, Liverpool) RivingtonHark identified and facilitated the opportunity to buy the corporate entities that owned “Victoria Leeds” from Hammerson in an off-market transaction in February 2022 as the second asset in the Fund. The acquisition enabled the Fund to deploy £120m of equity quickly into a significant and high quality regional asset with the opportunity for growth.

Victoria Leeds provides 1,000,000 sq.ft+ across a fantastic collection of buildings – Victoria Quarter is a Grade II listed, architectural gem occupied by luxury and premium brands including Harvey Nichols, Louis Vuitton, Boodles, Polo Ralph Lauren, The Ivy, Paul Smith, Reiss and many others. Victoria Gate offers a modern environment anchored by John Lewis and Victoria Casino alongside the likes of Rolex, Hackett, The White Company, Russell & Bromley and Anthropologie; it  also has an 800 space multi-storey car park.

Having carried out the due diligence and underwriting of the asset purchase RivingtonHark then asset managed Victoria Leeds for an agreed period of 2 years while the “in-house” asset management capabilities and resource of the Fund were established.

Through our Asset Management work we successfully achieved the following:

  • Increased occupancy to 100% from 86% at purchase
  • Completed over 60 leasing and renewal transactions
  • Introduced premium retailers including Monica Vinader, Astrid & Miyu, Pretty Green and Ace & Tate
  • Expanded the F&B offer by bringing in Cut & Craft, Caffe Concerto and Bird & Blend
  • Added Boom Battle Bar to the leisure offer to complement the Casino offer
  • Agreed an Upsize of Rolex from 2,000 sq.ft to a 7,000 sq.ft unit (including a VIP area)
  • Increased Car Park Revenue by 14%
  • Sold off a non-core part of the asset significantly ahead of Business Plan value
  • Created an ESG action plan which includes installation of PV panels

The overall result of our work achieved a Net Operating Income approximately 7.5% ahead of Business Plan.

RivingtonHark continue to act as Strategic Asset Advisors to Redical Holdings on the portfolio and are exploring development initiatives across the asset.


Project Details

Our Role:
Strategic Advisors | Asset Management | Development Management | Placemaking


Purchase Price:

February 2022

Mix of Uses



Car park

Public realm

Public realm






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