Fordgate has cancelled the sale of its Paisley shopping centre because of the abolition of stamp duty exempt areas.
The 180,000 sq ft (16,700 sq m) centre was being marketed at £49m, a 6.5% initial yield, through Savills and DTZ.
A source said: “Bids fell a bit short of the asking price, but the brochure was put together before the removal of stamp duty exemption and that meant Fordgate lost another £2m-£3m on the deal, so it has removed the centre from the market.”
● Bank of Scotland is set to pay £27m for HSBC’s 224,000 sq ft Belle Vale shopping centre in Liverpool, and Glenmore Properties is buying Hermes’ and GE Capital’s 276,000 sq ft Headrow centre in Leeds, which is on the market for £62.5m.
HSBC is advised by DTZ; Hermes and GE are advised by Cushman & Wakefield Healey & Baker.
References: EGi News 09/05/05
