British Land has sold the freehold of Eastgate Shopping Centre in Basildon to Infrared Capital Partners for £88.6 million (approx. €107.7 million)
The 700,000 ft² (approx. 65,032 m²) scheme comprises a covered shopping center, an Asda supermarket, a Debenhams department store, two office buildings and a 696 space multi-storey car park. Other retailers include Superdry, New Look, H&M, River Island, Topshop, Next and Primark.
The property produces a net passing rent per annum of £6.5 million with rents ranging from £75 to £110 per ft² Zone A.
Charles Maudsley, Head of Retail for British Land, said: “This year we will continue to sell retail assets which do not fit our strategy and reinvest the capital where we see better growth and return potential.”
British Land was represented by Strutt & Parker and Cushman & Wakefield acted for Infrared.
Source: British Land