After several occupier defaults during the recession we had two vacant restaurants at this scheme. In order to attract new occupiers we rejuvenated the estate and set about creating a strong social media campaign to attract customers.
Graffiti Life were hired to create a Regency Wharf mural / motif by the main entrance, and also install iconic ghost-writing across the Glassworks building, giving the estate much needed prominence and fully branded visibility.
In respect of lettings, Karaoke Box signed up for their first unit outside of London. Their launch in November 2015 received significant press coverage both for their state-of-the-art
fit-out and opening night. Karaoke Box took a new 15 year lease, no break, at £80,000 per annum with a 12 month rent incentive.
The other vacant restaurant was let to Rub Smokehouse, who have become a popular destination on Broad Street. Rub took a new 15 year lease, subject to break, at £70,000 per annum with a nine month rent incentive. Both lettings were in line with ERV and the estate is now fully let with a much improved and more diverse occupier line-up.
In addition, the central courtyard area, originally designed as an amphitheatre space, was returned once again to an entertainment arena. Picton utilised this area in the summer of 2015 to host an inaugural street food event.
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