Estama is marking a strong first year as asset and property manager of Festival Place in Basingstoke, following a period of clear operational improvement, increased leasing activity, and renewed momentum across the scheme.
Over the past 12 months, a raft of major initiatives have been introduced across the site, initially focused on stabilising performance and establishing a clearer strategic direction.
A key early priority was the service charge. It had become bloated and not fit for purpose. Following a comprehensive review, Estama retendered most contracts, improved procurement, and reset service delivery standards in line with the long-term ambitions for the asset aligning with the overall strategy of the client. This has resulted in a 20% reduction in service charge for occupiers while maintaining, and in many areas enhancing, overall service levels.
In addition to this, the car park operation has been overhauled creating a more accessible and user-friendly experience for visitors. This has already translated into stronger performance, with car park usage increasing by 8% in the first five months following the changes.
Marketing has transitioned from an internal function to a specialist external agency model, and total facilities management contract has been revised and broken up in favour of specialist providers and more locally focused procurement.
In addition to this a significant capital investment has already been committed to major repairs and investment in infrastructure across the shopping centre, addressing deferred maintenance and improving the long-term sustainability and quality of the asset.
Leasing activity has also accelerated. Since instruction in April 2025, Estama have completed 17 renewals (98,633 sq ft) and 21 new lettings (93,268), encompassing 17% of the total area of Festival Place. This will further increase to 25% of the scheme once the 15 transactions (94,092 sq ft), which are in solicitors’ hands, are completed.
This included welcoming a raft of new national names to the centre, including Mango, Super Bowl, Popeyes, and Han’s Buffet, with several future lettings on the way, including Zambrero, IRO Sushi and Suit Direct.
This has helped drive stronger conversations with more aspirational retail and leisure brands as well, with more additions to the tenant line-up soon to be announced.
A new wave of independent retailers has also joined the centre, supporting local business growth and opportunities, including A1 Authentic, Bonds Barbers and Phone Fix.
At the point of instruction, the centre had been in receivership for a while and faced a number of challenges, including an elevated service charge, deferred maintenance, an empty anchor unit, and underutilised space on the upper level.
“Our first priority was to establish a clearer direction for the centre and address some of the practical issues that were affecting both occupiers and prospective tenants,” said Ross Campbell, Director and Head of Asset Management.
“That has involved a series of steady changes across the board rather than any single intervention.
“There are some really encouraging signs in terms of engagement and interest, although there is still more to do, the key was to create direction and confidence quickly,” Campbell added.
“Reviewing the service charge and operational structure were important early steps, alongside investing in the fabric of the asset and supporting leasing activity,” Estama Director and Head of Property Management George Grimes added.
“Festival Place did not need more process. It needed senior judgement, clear priorities and a team prepared to be fully involved.”
That involvement has been intensive, with a comprehensive dedicated management team spearheaded by Harry Wilce and James Nelson, ensuring close alignment between asset and property management and consistent execution of strategy.
“Festival Place requires a high level of day-to-day engagement”, said Eoin Conway, Managing Director at Estama.
“Ensuring asset management and property management work seamlessly together has been crucial in addressing the underlying issues and creating a positive, integrated, forward-looking framework that will help the business continue to develop.
“Festival Place has shown that capability does not come from corporate scale. It comes from knowing what an asset needs, making the right calls early, and staying close enough and being flexible enough to deliver them. Our team has done a great job so far, with a lot more to do which is exciting”.
“For us at Estama, it also reflects how we want to be seen in the market: as a trusted hands-on, integrated operator capable of managing both community shopping centres and larger more complex retail assets and delivering meaningful change and improvement.
“We are proud of the consistency of what we deliver across our portfolio, which now spans 30 shopping centres ranging from 100,000 sq ft to over 1 million sq ft including assets such as Festival Place,” he added.
