The challenge
Waterfront Limited Partnership (WLP) are currently developing the Icon Outlet – a designer outlet village set to open in October 2018 at the Greenwich o2.
We were appointed to advise on the leasing of 90 units, including both retail and food and beverage units at Icon. Given the size of the development and the complexity of the title structure, WLP were searching for a solution which would minimise individual negotiation and improve consistency of their approach. It was also vital for WLP that the solution could help them to swiftly identify and resolve project blockers.
The solution
Working closely with our real estate team, we created a multi-functional, interactive online platform, customised to meet the needs of WLP.
With multiple projects to manage – and accuracy essential – one of WLP’s key requirements was to save the time spent reinputting data at each stage. Our automated document production system and interactive database means that details inputted at the start of a transaction can be carried through each stage, reducing the potential for error.
We met WLP’s need for greater collaborative working by enabling multiple team members to share and store documents, while simultaneously contributing to status reports. Centralising documentation and reporting in this way ensured a structured approach to weekly update calls, while a “traffic light” system helped provide a live project status overview and identify any blockers.
By developing a bespoke “leasebook” for WLP, we enabled them to minimise individual negotiation and maximise consistency, a particularly important requirement given the number of units that Icon Outlet will house.
The benefits
Centralising the reporting in Osborne Clarke Solutions has enabled the team to deliver increasing efficiency – in both time and value – and enhanced transparency.
We estimate that the time incurred on transactions is 20% less than a traditional approach, with this number set to increase as the project continues.
The complete transparency of the platform means that both Osborne Clarke and WLP have the full picture at all stages of the project, with the ability to manage cashflow and identify transactions running over or under budget. The platform also highlights learning points, meaning that everyone can benefit from improved efficiencies.
The interactive nature of the database means that we can measure speed, identify trends and proactively find solutions.
The solution we have created isn’t just for the life of the project; following the completion of the Icon Outlet development, it can be adapted to deliver as an asset management tool.
