Using our management expertise, we provide advisory services to clients seeking to improve the performance of their centres, as well as distressed centres requiring restructuring and turnaround. We listen and support your needs, address problems head on and drive change to create and preserve value.
Tenancy mix reviews, rent reviews and rent re-negotiation.
Sourcing new tenants for vacancies and lease term negotiation.
Including implementation of accounting and reporting systems, and operational policies and procedures.
Expense and process reviews to identify and implement efficiencies.
Including refinancing arrangements.
Net income calculations and value estimates.
Buy side due diligence and sell side assistance for the acquisition or sale of a centre.
Case study: Top Ryde City
sqm of leasable area
One of our most notable engagements was Top Ryde City, a large regional shopping centre in the suburb of Ryde (12km north-west of Sydney’s CBD), which opened in 2010 after undergoing an extensive redevelopment. The centre became insolvent shortly after opening due to higher than expected development costs, below forecast foot traffic and struggling tenants, becoming the largest shopping centre in Australia to enter receivership.
Millennium was engaged from 2011-2013 by the lenders and Receivers & Managers. We worked to stabilise and improve the income of the centre through an extensive tenancy mix review, negotiation of rent abatements for key tenants, re-leasing of severely underperforming tenants and advising on required capital works. We also implemented a management and strategy overhaul, which included re-staffing and instituting new accounting and reporting systems.
Following the successful turnaround of the centre and subsequent sale campaign, the centre was sold to a bidder purchasing the debt from the original lenders. Millennium remained as managers of the centre for a six-month handover period post sale to ensure a smooth transition to the new owners. Top Ryde City continues to trade strongly today.