Leading asset and property management firm Estama has been appointed to oversee Festival Place in Basingstoke—one of the UK’s largest shopping centres—in a landmark deal that marks a new chapter for both the company and the centre.
The appointment is a significant moment for Estama, coming soon after the firm transitioned to an Employee Ownership Trust. It also continues the company’s steady growth, expanding its managed portfolio across the UK retail landscape.
Festival Place spans an impressive 1.2 million sq ft and is home to over 180 retailers including high street giants such as Next, Marks & Spencer, Sports Direct, H&M, and Rituals. The centre also offers more than 20 dining options and a 10-screen Vue cinema, positioning it as a major retail and leisure destination.
Under its new dual role as asset and property manager, Estama has been tasked with revitalising the centre’s performance—boosting leasing activity, refining the retail mix, and increasing net operating income. With current occupancy at 77%, well below the industry average of 89%, Estama sees significant scope for transformation. The firm’s wider portfolio, by contrast, boasts a 98% occupancy rate.
Estama’s immediate focus will be on stabilising operations and attracting a mix of well-known brands and independent local traders to fill vacant units.
(Left to right) Eoin Conway, Ross Campbell, and George Grimes
Eoin Conway, Managing Director of Estama, commented:
“This appointment is a moment of real pride for our team and a milestone for Estama since becoming employee-owned. It also showcases our joined-up approach—our asset and property management teams, led by Ross Campbell and George Grimes, have worked hand in hand to secure this win.
We’ve built steady, sustainable growth over the past 18 months, and this latest instruction reflects the trust our clients continue to place in us. That’s what drives us.”
Looking ahead, tenant engagement will be a key priority. Estama plans to foster strong relationships with occupiers and local stakeholders to create a dynamic and relevant retail offer for the community.
Ross Campbell, Director and Head of Asset Management at Estama, added:
“Retail is evolving rapidly, and so must the centres we manage. At Festival Place, we see real opportunity to reshape both the retail and leisure line-up to better meet the needs of local shoppers.
Despite headwinds in the market, we’re seeing strong tenant demand, improving footfall, and an active leasing pipeline for 2025 and 2026. With our research-led approach and wide retailer network, we aim to deliver the right mix for the local catchment.”
GCW and Lunson Mitchenall remain the retained letting agents for Festival Place.
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