Friday, 1 May 2015
RBS appoints Savills to market Friars Square Shopping Centre in Aylesbury (UK)
RBS announces that it has commenced marketing for the sale of the Friars Square town center shopping center in Aylesbury, Buckinghamshire. Over the last 18 months, RBS has undertaken a range of asset management initiatives including capital expenditure and improving the tenant mix by introducing tenants such as Topshop, Pandora, Office Shoes, BB’s, The Fragrance Shop, Rush Gym, The Entertainer, Warren James and Metro Bank.
Savills has been appointed by RBS to market for sale the investment which includes a 24,955 m² covered scheme, which boasts strong anchor department stores, including House of Fraser and BHS, as well as major national brands including New Look, Office, Topshop, River Island and H&M. The property produces a total gross passing rent of €5.2 mln p.a. and the average weighted unexpired term is 8.73 years.
Friars Square has an affluent population of 83,000 within a 10 minute drive and 137,000 within a 20 minute drive. The accessibility of Friars Square also underlines the long term investment opportunity, with both Aylesbury bus and train station neighboring the center. The 385 space landlord operated car park is also one of Aylesbury’s main car parks and offers direct access to the shopping center.
Neville Paterson, Global Director at RBS Real Estate Asset Management, said: “RBS has cemented Friars Square as Aylesbury’s prime retailing destination. We have undertaken a significant amount of asset management which has focused on key tenant initiatives and Friars Square now offers a potential purchaser an institutional class asset in a highly affluent area, with a number of opportunities to enhance value and income further.”
Source: FTI Consulting