Rigorous due diligence and an integrated asset and property management approach underpinned Maritime’s acquisition of The Marlowes, a major town centre shopping destination in Hemel Hempstead.
The opportunity came to Maritime in early 2025 as an off-market purchase. The Marlowes comprises more than 80 retail units, with a 1,200-space multi-storey car park and a large high street frontage.
Maritime agreed a purchase price equating to approximately £22 per square foot. The same asset had been valued at c£55 million in 2014. Our assessment was that the centre remained strategically important to the town, but pricing reflected operational underperformance and a lack of focused, hands-on hands-on property management. Unfortunately an asset that had fallen through the cracks due to multiple ownerships.
From the outset, Maritime analysed The Marlowes as three separate components: the high street frontage shops, the enclosed shopping centre, and the multi-storey car park and gym. This methodology proved critical. Desktop valuations of the individual parts indicated that, split up, the car park and high street were worth double the acquisition price. In practical terms, much of the purchase price was supported by identifiable value from day one, allowing Maritime to concentrate on improving performance within the enclosed centre which was loss-making.
At acquisition, the enclosed shopping centre generated roughly £1.6 million of gross rent but was around £200,000 loss-making at the net operating income (NOI) level. For modern shopping centres, NOI, not headline rent, drives value.
That means the day-to-day mechanics, service charge control, procurement and energy, matter as much as leasing.
This is where Maritime’s model is differentiated.
Asset management and property management sit together under one roof, so leasing strategy, tenant relationships and cost decisions are made with the same investment objective in mind.
On many assets, those functions are split between separate firms. The result is slow decision-making, duplicated work and avoidable cost leakage. The Marlowes was exactly the kind of asset where tight operational control would translate into value.
That joined-up approach paid dividends during due diligence. Maritime’s review of the centre’s service contracts surfaced an issue within the incumbent security and cleaning arrangements. Termination language appeared to imply a payment equivalent to several years’ fees.
Maritime’s property management team reviewed the contract line by line and identified a variation mechanism that had been overlooked. While termination was constrained, services could be adjusted up or down, and pricing recalibrated accordingly. This analysis changed the risk profile and allowed us to take on the contract but for a price, making the shopping centre profitable in year one by enabling Maritime to implement the cost base that had been modelled from the outset.
A typical acquisition involves reviewing 20 to 30 service contracts alongside leases, building reports and the planning position. The investment case only stands up if the operational fundamentals are understood and controlled.
The asset was producing around £850,000 per annum at completion, representing a 12% initial yield on the purchase price before management intervention. Within the first three months of ownership, Maritime added a further £250,000 of annualised income through active asset management and reduced the SC charge by £300k, making an NOI swing of £550k.
The tenant mix includes New Look, B&M, Sports Direct and JD Sports alongside a strong proportion of local traders. Maritime identified a gap in the food and beverage offer, particularly in North Court adjacent to the car park. The strategy is to bring F&B operators into this zone, extend trading into the evening and maintain connectivity between the car park and the high street after the main retail day ends.
The 1,200-space car park is a business in its own right. The previous operator had under-managed the asset, and Maritime appointed a new car park company with a more active, data-led approach.
Alongside commercial initiatives, Maritime is focused on the role that town centre assets can play as community infrastructure. The Marlowes now hosts a Dementia Hub, providing a warm, welcoming space where people can meet friends and access support. The hub has achieved gold accreditation from the Alzheimer’s Society for its dementia-friendly approach.
Initial contact to completion took eight months, with the deal completing in October 2025.
For an asset of this scale and complexity, the timeline reflects Maritime’s ability to move decisively without compromising diligence.
The Marlowes is a clear example of Maritime’s investment approach: isolate risk through detailed analysis of component parts, protect downside through contract and cost scrutiny, and create value through hands-on management from day one.
