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HM Tower of London

Development strategy to maximise returns from property holdings

Project Description

Jonathan Rounce was invited by Segal Quince Wicksteed Limited, economic consultants, to work with them on the development of a series of practical options that could together form a strategy for increasing the attraction of the Tower of London and for making best use of all the property holdings owned by the Historic Royal Palaces Agency (HRPA) there.

To provide a clear base for a strategy which could be carried further forward as a result of this study, the team began by undertaking an overview of the existing revenue generating facilities and a review of the property development opportunities and constraints.

The team then took the material derived from that initial study and during a focused workshop session ranked the major projects already devised and shortlisted with the client group’s agreement. That was done from the perspective of the prime criteria of how they could maximise sustainable revenue potential from the Tower’s landholdings within the constraints of the historic buildings and the local environment.

The result was to derive a second short list of 7 projects to be researched further. Draft appraisals were prepared to identify the net increase in revenue achievable from each project. The projects were all selected on the basis that they were additions to existing activity. An important concern was to differentiate between three types of projects; those which:

i) would enhance the existing attractions;
ii) increase the revenue from existing facilities;
iii) present opportunities for new activities.

The study concluded with the preparation of a detailed co-ordinated strategy, underpinned by a series of specific and quantified development proposals.

Project Details

  • Client Segal Quince Wicksteed
  • Date August 21, 2013
  • Tags Options Appraisals, Business Planning & Financial Modeling, Master Planning, Historic and Heritage Properties
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