The new owner of the Kingdom Centre in Glenrothes has acted swiftly to appoint a new asset management team.
The Courier revealed last week that Luxemburg-based Focus Estate Fund made a deal for the centre from Mars Pension Trustees Ltd, the owner since 2013.
It raised hopes of investment in the 430,000 sq ft prime town centre location.
Now Focus Estate Fund has appointed another company to manage the asset – with attracting new tenants top of the ‘to do’ list.
Bid to boost occupancy at Glenrothes shopping centre
Asset and property management company Estama will manage the centre.
London-based Estama boasts a portfolio of shopping centres under its management including Clyde Shopping Centre and Quadrant shopping centre in Dunstable.
Ross Campbell, Estama’s director and head of asset management, said: “With an enviable high footfall position in the Fife area, we hope to be able to attract new brands to the town and further strengthen the tenant mix.”
The key retail hub – which has 1,400 parking space, has annual footfall of around six million.
Key tenants include Sports Direct, Boots, Home Bargains, Argos, JD Sports, and Specsavers.
But it also has many empty units. Savills and Orinsen are currently marketing around 10 spaces available to let.
A spokesman for Focus Estate Fund said it was sure Estrama would increase occupancy levels in the centre.
“Their unparalleled expertise in retail management, approach to enhancing occupancy levels, and innovative approach to enhancing asset value made them the clear choice for us,” the owners said in a statement.
“We are confident that their strategic vision and hands-on management will transform our shopping centre into a vibrant, thriving destination for both retailers and shoppers alike.”
Estama has assets worth £2.5 billion under its management, which includes 14 commercial centres. It says its occupancy levels across its portfolio are above 90%.
New owners plans for Kingdom Centre
Focus Estate Fund said the Kingdom Centre has the potential to become a “vibrant hub” for visitors and tenants.
The company also hopes to make the centre greener and more sustainable through the use of solar power.
The purchase follows a period of decline for the centre, which houses both national chains and independent retailers.
In particular, the Co-op building has fallen into significant disrepair since it closed more than a decade ago.
Meanwhile, the owner of Xtreme Trampoline is hoping to create a trampoline park in the former Forces Support shop in the Kingdom centre.
