Queensberry Real Estate with Bywater Properties purchased the Kingsway Centre in 2014 and QRE is responsible for asset management of the scheme. Located next to the Friars Walk development, the Kingsway centre complements the retail and leisure offer. The Kingsway Centre comprises of 250,000 square feet of affordable high street chains and privately-owned shops. Anchored by Wilkinson, the centre comprises of 1,050 space car park and a wide range of shops and cafes with good unit sizes. Since Kingsway Investments acquired the scheme in autumn 2014 they have let units to Sainsbury’s Local, The Post Office, Pep and Co and Pure Gym which has led to an increase in footfall of 15%.
Kingsway Investments are currently reviewing the tenant mix and are targeting high street multiple retailers, mass market fashion retailers and local service providers. Existing units are being reconfigured and improvements to marketing and commercialisation are underway following the opening of Friars Walk in November 2015. Other key priorities for the Kingsway partnership include physical improvements to the car park, public realm, branding and way-finding across the centre.
Queensberry Strategic Property Managements (QSPM) act as best practice Property Management advisors to the owners of The Kingsway Centre. In this role QSP have provided car park income modelleing and forecasting advice which has led to an increase in car park income of £460,000 pa and in addition QSPM undertook an Operational Review of The Kingssway Shopping Centre, the findings of which have identified in excess of £150k pa operational cost efficiencies. This has resulted in a major improvement in Net Operating Income to the Landlord and has assisted with the leasing of vacant units due to reduced occupancy costs for tenants.