Greenock – Oak Mall

“…generated a very healthy 53% IRR after tax” The half mile long, 300,000 square foot Greenock Shopping Centre was acquired from Inverclyde District Council and was thoroughly refurbished and extended, including facilities that attracted a number of major new anchor stores. The main feature of the refurbishment was to enclose the entire shopping area with a glass roofing system, providing an attractive fully glazed mall that offered year-round shopping comfort. New flooring added a much needed touch of style and class. Life safety systems were introduced including the installation of sprinkler and fire alarm systems into every unit throughout the scheme. To enable every unit to maintain full trading throughout and without inconveniencing their customers, the majority of work was undertaken outside trading hours. In addition, a voluntary service charge was introduced with a significant take-up to arrange for the ongoing management of the scheme. This contribution provided significant financial benefits towards the project’s end result and overall success. The centre, now known as Oak Mall, was sold in 1994 to Prudential and continues to be a financial success. In fact this particular project generated a very healthy 53% IRR after tax.