Royal Street London - Commercial Strategy
About the brand
Stanhope and Baupost have been selected as Development Partners for Guy’s and St Thomas’ Charity to bring forward a development on a 5.5 acre site opposite St Thomas’ Hospital and close to Waterloo Station.
Royal Street will provide a new mixed user workspace neighbourhood, including incubation of a MedTech cluster, academic researchers and clinicians, and will become an integral and hugely beneficial part of the London growth economy and local community.
The Challenge/Task
Create a retail capacity study for the mixed use development.
WHAT WE DID
Pragma worked closely with Stanhope to understand the quantum, positioning and phasing of the office and residential space envisaged and the current profile and quantum of visitors to the adjacent St Thomas’ Hospital.
Utilising numerous data sources, we:
Quantified the spend potential by merchandise category of future on-site
Quantified the spend potential by merchandise category of future off-site users, including catchment residents, tourists and workers in current and planned future office provision, including Elizabeth House
Assessed users wants and needs in relation to existing provision, identifying gaps and opportunities
Identified relevant occupier and consumer trends that could be utilised to provide consistent theming throughout the development, relevant to attracting both office occupiers and catchment residents and tourists
Made recommendations as to the appropriate quantum of commercial space, by merchandise category, phase and location within the development
The Result
Pragma’s assessment provided valuable input to help plan the quantum, purpose and phasing of commercial space, allowing for alignment with the overall vision for the scheme.