The biggest shopping centre in the Scottish Highlands has come to market for £120m, reflecting a 6.5% yield.
CBRE has been instructed to sell the Eastgate Centre in Inverness on behalf of F&C REIT.
The 410,000 sq ft mall has consent for a 50,000 sq ft leisure extension, including a 30,000 sq ft eight-screen cinema and five restaurants totalling 20,000 sq ft. It would expand the centre on the south side facing Falcon Square.
Eastgate is anchored by Marks & Spencer and Debenhams, with New Look, Next
and Waterstones among the centre’s other tenants.
F&C REIT bought the property as part of its £250m acquisition of Grosvenor Shopping Centre Fund in 2013.
Other centres in the fund included Freshney Place in Grimsby, Lincolnshire, and Coopers Square in Burton-on-Trent, Staffordshire.
The instruction is the latest sign that shopping centre owners are looking to cash in on strong demand for large retail assets.
There were close to £6bn of UK shopping centre deals last year and Savills is forecasting a further £5bn of transactions in 2015.
