A Buckinghamshire shopping centre taken over by RBS during the financial crisis is to be brought to market for around £46m – a 6.75% yield.
The bank has appointed Savills to find a buyer for Friars Square in Aylesbury town centre.
It took control of the mall in 2011 from Multiplex, and appointed Grosvenor Fund Management as asset manager. Multiplex bought the 268,611 sq ft centre for £90m in 2009 with debt from RBS.
The Australian developer, taken over by Brookfield in 2008, had planned to redevelop Friars Square in phases.
It secured planning permission for a 15,900 sq ft extension in 2009 but construction came to a standstill later that year as the credit crunch bit.
RBS has since taken forward several development projects at the mall, including a new 7,700 sq ft central pod which has been let to Topshop.
A number of asset management procedures are under way, including construction of a new entrance, redevelopment of cloisters space as a 12,000 sq ft Rush Fitness gym, and several new lettings. The mall is anchored by department stores House of Fraser and BHS and produces a total passing rent of £3.8m from leases with an average of 8.7 years to expiry.
