240m² of retail and leisure sales marks a hectic year ahead

Agents are expecting a busy year, after £240m of assets changed hands last week with another £170m anticipated to enter the market.

In London´s Shepherd´s Bush, Tops Estates has put its West 12 leisure and retail scheme in Shepherd´s Bush on the market. The £75m price for the 320,000 sq ft centre reflects an initial yield of 5.5%.

Haslemere has priced Edinburgh´s Princes Mall, also on the market, at £40.5m. Meanwhile, in Ayr, the Kyle shopping centre has been put up for sale by City Sites Estates, under the guidance of DTZ, for around £38.5m, reflecting a 6.5% yield. The property had been placed under offer by Northern Irish investor John Mcguickain, but the deal collapsed.

Franc Warwick is to market the company´s Sol Central leisure scheme in Northampton for £25m, under the instruction of Great Portland Estates, in a continuing move to dispose of the company´s net core assets.

Pillar Property exchanged contracts this week for the sale of the £80m Omni leisure centre in Edinburgh, and its £97m Fulham Broadway mixed-use scheme to Edward Wojakovski´s Tonstate Group and Merchant Place Corporate Finance respectively. The deal, reflecting an initial yield below 6%, is the Merchant Place syndicate´s largest to date. Matthews & Goodman advised the group.

Andrew Hynard, UK Head of Capital Markets at Jones Lang La Salle, who jointly represented Pillar with FPDSavills, commented: 'The market is balanced, with a healthy mixture of institutional and debt-driven buyers. Demand is strong, and we expect to see stock turned.'

Cushman & Wakefield Healey & Baker is acting for Tops and Haslemere. FPDSavills and Montagu Evans represented Pillar.

Source: Freeman News

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