Britannia Investment Managers is tipped to buy the new Haymarket Towers Shopping Centre in Leicester for a rumoured £30m. The deal will reflect a yield of between 4% and 5%.
Up to 12 parties are understood to have bid for the investment which Leicester Centre Properties put on the market three months ago. The 12,541 sq m (135,000 sq ft) centre, on the site of the former Lewis’s store in Humberstone Gate, is opposite the existing Haymarket Shopping Centre which LCP recently refurbished. The developer plans to hold onto this part of the investment.
Haymarket Towers is prelet to Marks & Spencer, Tesco, JJB Sports, Superdrug and Sports Soccer and is expected to generate £1.4m pa. Leases range between 35 years on the M&S store to 15 years for the smaller units. Trading is expected to start in September.
Oliver Liggins are letting agents and acted for LCP on the investment sale. Hartnell Taylor Cook advised Britannia on the purchase.
EGi News 19/06/97
