A raft of smaller shopping centres has been put up for sale as other areas of the market face summer stagnation.
In the South West, Stockland is selling its shopping centres in Newton Abbot, Devon, and Bridgwater, Somerset.
It is marketing the 121,500 sq ft Market Walk shopping centre in Newton Abbot for around £25.5m, reflecting an 8% yield, and the 86,400 sq ft Angel Place shopping centre in Bridgwater for £25.5m, a 10% yield.
Tenants at the two secondary shopping centres include H Samuel, Game, Iceland, Superdrug and Holland and Barrett.
Cornerstone Real Estate Investors is also looking to sell over the summer. It is seeking £16.7m – a 9.5% yield – for its 143,300 sq ft Arndale shopping centre in Accrington, Lancashire. Tenants include Marks & Spencer and Boots.
One agent said: “The market doesn’t close over the summer.There isn’t a great deal of stock available, so people will have the opportunity to look at this before the Christmas rush.”
Jackson Criss is advising Stockland; Strutt & Parker is acting for Cornerstone.
