In 2012, the Farsons Group completed the development of a new state-of-the-art brewhouse at their headquarters in Malta. This released the original brewhouse and stores – a stunning complex of 1950s art deco buildings – for redevelopment.
Initially, we were commissioned to advise on converting the brewhouse into a visitor destination and brand-experience. However, our early assessment of the market pointed to a series of issues that ultimately changed the project direction and brief. Rather than pursuing leisure and tourism markets the development strategy pivoted towards a mixed-use development scheme anchored by Grade A office development and enabled by a new masterplan for its broader industrial hinterland.
The first phase of development is nearing completion with a launch scheduled in late 2021.
Our early feasibility advice changed the direction of the project, lighting on a more sustainable and financially attractive development strategy.
Having identified the opportunity, we managed the procurement of a full service design team on behalf of the client that led to the appointment of internationally acclaimed Ian Ritchie Architects.
In preparing the detailed financial appraisal for the 45,000sqm development, we worked closely with the client’s auditors to stress test model and challenge all of its key assumptions – a process that led, in a fruitful and collaborative way, to further improvements to the development strategy, including a revised approach to quantum, mix, and phasing.
“Fourth Street played an important role in formulating the early strategic vision for the redevelopment of the Grade II listed, former Farsons brewery. Their experience and expertise was broad ranging from advising on the development of the brewery visitor experience, managing an international call for tender for the selection of the architectural firm assigned to the project to carrying out a number of financial and feasibility studies, which ultimately guided the process and project direction. Apart from being experts in their field, Fourth Street proved to be versatile, methodical and always professional in their approach.”