Grosvenor Estate Holdings is putting one of the most successsful shopping centres in the country, the Grosvenor Precinct in Chester, on the market for £81m. The decision reflects plans to spread Grosvenor’s retail portfolio over a wider area.
The estate is offering a 90% leasehold interest in the 20,200 sq m (217,500 sq ft) 1960s development, which fronts Eastgate Street. Tenants include Mothercare, River Island, Principles and Top Shop. The asking price reflects a yield of 6.5%
Grosvenor’s investment director Ian Cockburn said the estate wanted to spread its exposure to different areas of the UK by taking a part share in a greater number of shopping centres.
“Since the 1960s we have developed 11 shopping centres, most of which have been sold to create turnover in the portfolio. This remains our strategy,” he added.
Chester’s Eastgate Street was named as the UK’s most profitable shopping area in a recent survey by DTZ Debenham Thorpe.
Jones Lang Wootton is advising Grosvenor.
EGi News 09/10/96
