Whitewater Shopping Centre, Newbridge, Co. Kildare
Whitewater opened its doors in April 2006 and has been trading successfully every since. The centre measures c.27,500 sq.m and has an excellent line up of over 70 retailers over a two level mall. The food court hosts 9 branded operators with over 550 customer seats. UCI cinema opened a 6 screen cinema in December 2009 with 1,050 seats and and there are c. 1700 car spaces in both basement and multi-storey. Anchors for the scheme are Debenhams and Marks & Spencer with an excellent retailer line up including H&M, Zara, River Island, HMV, Oasis, Monsoon, Easons and many others.
The Brief
Savills were actively involved in the marketing and pre-letting of the scheme which resulted in a successful launch in Spring 2006. Since centre opening, Savills has been involved with the ongoing letting and asset management of Whitewater, identifying new retailers and gaps in the market which would be suitable for the centre.
The Client
Jointly owned by Ballymore Properties & Elm Holdings.
Our Solution
Savills are responsible for the ongoing marketing and letting of the scheme and constantly monitor retailer requirements in the market, retailers which are trading well or if not the case, pre-empting any potential losses. Identifying gaps, revitalising the mix with new tenants and adding uses that will drive footfall are crucial in a difficult market. The market has changed considerably since centre opening so the challenge of dealing with both retailers’ rental expectations, whilst most importantly protecting our client’s asset is at the forefront of every letting. Brand quality and covenant strength are key and there is a delicate balance between finding the right retailer and the right deal. Footfall has increased in the centre in the first half of 2010, particularly due to UCI cinemas opening a 6 screen cinema on the upper level, which is sending a positive message to both existing and potential retailers about the strength of the scheme.
How We Added Vaule
The experience of the Savills retail team, retail contacts and knowledge that we hold have been invaluable to the ongoing lettings process of Whitewater. Understanding retailer requirements, what drives footfall and what the catchment demographic are looking for in the centre in terms of desirable uses is also key. Whitewater worked because it was a regional centre catering for a catchment whose principle option at the time was to travel to Dublin for quality fashion. Although there are challenges to be faced, the letting team, management and owners all work together to ensure the centre continues to trade well.
