LAKESIDE

Their need

Our brief is to help transform Lakeside into one of the best retail and leisure destinations in the UK. We have provided retail and leisure agency, lease advisory, development consultancy and asset management advice for almost 40 years.

Our approach and thinking

LM have acted on Lakeside through multiple property cycles. Throughout this period, the UK retail and leisure market has undergone a significant transformation, leading us to where we are today. Our strategy has been to attract best-in-class occupiers in full-format stores and to capture new global entrants as they enter the UK market.

A key initiative, alongside the client team, has been understanding the need for a broader leisure offer at Lakeside. Through asset management, development consultancy, and pre-letting, we successfully secured 175,000 sq. ft of new catering and leisure space to create The Quay, which has become one of the largest leisure destinations in the South.

More recently, our team re-let the former Debenhams department store to Marks & Spencer, creating a major flagship of 120,000 sq. ft, which transformed and re-anchored one end of the centre. We continue to attract new formats and occupiers to Lakeside, clarifying and refining the tenant mix. Examples include the first-ever Harrods standalone beauty hall concept, H Beauty. Working with Inditex, we have added further sub-brands such as Stradivarius and Pull & Bear ahead of competing locations, as well as upsizing Apple to 10,000 sq. ft, opening in 2026.

Joint results

Our leasing and lease advisory teams work closely and collaboratively to deliver complex asset management initiatives.  For example, LM’s Lease Advisory Team has successfully navigated numerous review cycles throughout the asset’s history, and has been key in rental tone recovery since the Covid lockdown. Our Team has given effective strategic input to stabilise, develop and grow the rental tone across both retail and restaurant and leisure space. This collaborative, connected approach has controlled the market narrative and is exceeding business plan objectives.