A UK shopping centre has undergone a dramatic turnaround in just 12 months. Some 21 previously empty units are now back in use, new brands have arrived, and service charges for retailers have been cut by 20%. The changes come after Festival Place in Basingstoke was taken over by new management in April 2025.

Since then, Estama has overseen a wave of leasing activity and operational changes aimed at rebuilding confidence in the centre. The shopping destination had been in receivership when the company stepped in, facing high service charges, maintenance issues and vacant units. Now, 21 new outlets have opened, ranging from restaurants to a new bowling alley, with more expected to follow.

Ross Campbell, director and head of asset management at Estama, told Basingstoke Gazette: “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.

“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.”

One of the first steps taken by Estama was to review the service charge, which it described as “bloated and not fit for purpose.”

Most contracts were retendered and procurement processes improved. The result was a 20% reduction in service charges while maintaining or enhancing service levels.

Leasing activity has also increased sharply. Since April 2025, there have been 17 lease renewals covering 98,633 sq ft and 21 new lettings totalling 93,268 sq ft.

That represents 17% of the centre’s total space, a figure that could rise to 25% if pending contracts are agreed.

New arrivals include Mango, Super Bowl, Popeyes and Han’s Buffet, with further restaurant announcements expected.

George Grimes, director and head of property management at Estama, said: “Reviewing the service charge and operational structure were important early steps, alongside investing in the fabric of the asset and supporting leasing activity.

“Festival Place did not need more process. It needed senior judgement, clear priorities, and a team prepared to be fully involved.”

The car park operation was also overhauled, leading to an 8% increase in usage in the first five months after the changes were introduced.

Marketing was moved to a specialist external agency and the facilities management contract was restructured to favour specialist providers and a more local procurement approach.

Eoin Conway, managing director at Estama, said: “Festival Place requires a high level of day-to-day engagement.

“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.”