Land Securities is preparing to bring its Corby town centre scheme in Northamptonshire to the market.
The REIT has instructed Savills to sell the 25-acre site for around £73m – a 7.5% initial yield.
The 175,000 sq ft Willow Place shopping centre, which opened in 2007, is anchored by Primark and TK Maxx.
The REIT also has outline planning consent for Evolution Corby, a retail-led mixed use development, to form the second phase of development in the town.
Plans include 330,200 sq ft of shops, an 8,000 sq ft sports facility, 350 flats and 1,600 parking spaces. However, LandSec shelved the £100m redevelopment in 2010.
Earlier this year, supermarket Sainsbury’s agreed to anchor part of the development with a 120,000 sq ft store. LandSec hopes to submit proposals later in 2011, with the aim of having the store operational by 2013.
LandSec acquired the scheme through its acquisition of shopping centre specialist Tops Estates in 2005.
annabel.dixon@estatesgazette.com
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