Lambert Smith Hampton’s Belfast office has been appointed to manage three large shopping centre assets in England and Scotland by leading real estate investment trust NewRiver REIT, which specialises in owning and managing retail real estate assets across the UK.
The instructions to manage The Marlowes in Hemel Hempstead, The Mall in Maidstone and The Gyle Shopping Centre in Edinburgh follow NewRiver’s acquisition of Capital & Regional PLC last year, incorporating the company’s assets into NewRiver’s portfolio.
Management of The Marlowes and The Mall began last month, while the instruction to manage The Gyle starts this month.
NewRiver is a longstanding client of LSH’s Belfast office, which already manages 11 shopping centre and retail park assets for the company, including Abbey Centre and Sprucefield Retail Park in Northern Ireland, Priory Meadows in Hastings and Grays Shopping Centre in Essex.
Emma Mackenzie, head of asset management and ESG at NewRiver, said: “We have worked with the LSH Belfast team across a number of our shopping centres and retail parks for many years and are pleased to appoint the team on these new centres following our acquisition of Capital & Regional, extending the consistency of team and operational efficiency across our portfolio. We value the LSH Belfast team’s expertise greatly, helping support us to managing our retail assets effectively to continue to improve their offer, maintain and enhance value and help create thriving retail destinations.”
Gary Nesbitt, head of property management at LSH, said: “We are delighted to have been appointed to manage these three large centres following the acquisition of their previous owner by NewRiver REIT. We now have over 3.2 million sq. ft of retail space under management for NewRiver and have a dedicated team working for the customer who provide expert advice across all aspects of property management.”
The Marlowes is a 325,000sq ft modern mall featuring high-street brands and local independent retailers, plus cafes and food outlets, including New Look, Marks & Spencer and JD Sports.
The Gyle Shopping Centre comprises 400,000sq ft of space and is one of Edinburgh’s most established shopping centres, offering a wide choice of retail brands, specialist shops, supermarkets, food and drinks. Anchored by Marks & Spencer and Morrisons.
The Mall is a 508,500sq ft covered shopping centre in the heart of Maidstone, Kent, offering customers a wide range of facilities and leading brands such as Boots, Iceland, Next and New Look.
LSH’s property management department in Belfast comprises a team of 53 people and manages 15 million sq ft of commercial property, including 9.5 million sq ft of retail space to include 40 shopping centres and retail parks across Northern Ireland, England, Scotland and Wales.
