Three retail heavyweights are battling to buy the 500,000 sq ft Grand Central shopping centre in Birmingham.
British Land and Grosvenor are understood to be neck-and-neck on a shortlist of three, ahead of Hammerson. The top bids are in the region of £310m, which would reflect a yield of 3.7%. Hammerson’s bid has come in under £300m.
The centre, located above New Street Station, is anchored by a 250,000 sq ft John Lewis. It was put up for sale in March by Birmingham city council and Network Rail through DTZ.
The initial asking price was for offers in excess of £270m – a 4.25% yield.
The John Lewis store opened in July and the rest of the centre will open fully on 24 September.
Confirmed tenants include the White Company, Primark, Cath Kidston and Debenhams.
