A £100m shopping centre near Bristol is among £260m of shopping centre stock that has come onto the market this week.
Around six potential purchasers were contacted for CIT’s 300,000 sq ft (27,900m2) Yate shopping centre in south Gloucestershire. A sale at £100m would reflect a sub-5.5% initial yield. This is is one of the last two properties to be sold from the 11-strong Charterhouse portfolio, bought from HSBC in November 2002 for £307m.
The final centre — Manor Walks in Cramlington, Northumberland — will be marketed shortly at £70m. CIT, advised by DTZ, looks set to make a profit before costs of more than £160m, by selling the 11 centres for around £470m.
Also new to the market this week are six centres owned by Prime Commercial Properties and Edinburgh House Estates.
PCP is selling its Galleries and Marketgate centres in Wigan through Savills for £80m, a 5.75% initial yield. They total 295,000 sq ft (27,400m2).
And Edinburgh House Estates has instructed Franc Warwick to sell the 144,500 sq ft (13,400m2) Longton Exchange in Stoke-on-Trent, the 107,650 sq ft (10,000m2) Arndale in Morecambe, the 100,000 sq ft (9,300m2) Marketgate centre in Lancaster and the 50,000 sq ft (4,650m2) Newland in Witham.
The guide price is £79m, but Halladale and Oracle Estates are both bidding around £82m.
According to Jones Lang LaSalle, around £1.2bn of retail centres are on the market. International director Andrew Hynard said: “A number of large lots are expected to be traded in the second quarter.”
