Liffey Valley up for €600m
Liffey Valley in Dublin has been put up for sale for €600m (£501.4m) by owners Hines, HSBC Alternative Investments and Grosvenor. A new 50,000 sq ft Penneys store is under development at the 520,000 sq ft mall, which has plans for a 555,000 sq ft extension. Hines owns a 72.8% stake in the centre, which it bought from Aviva in 2014 for €250m. Eastdil Secured is handling the sale.
£4bn Brent Cross regen agreed
Barnet Council and development partners Argent Related, Hammerson and Standard Life Investments have agreed a deal for a £4bn regeneration scheme at Brent Cross, NW2. The project will create a town centre and 7,500 homes, redevelop the Brent Cross shopping centre, and include parks, community facilities and a Thameslink train station as well as road and transport improvements.
Mission heads to Newport
Restaurant chain Mission Burrito has agreed a deal with Queensberry Real Estate to open a restaurant at its £110m Friars Walk regeneration scheme in Newport, Wales. The restaurant will take a 660 sq ft unit on a 15-year lease at the 390,000 sq ft mall.
Warehouse take-up increases
Take-up of UK warehouse units of more than 100,000 sq ft exceeded 14.6m sq ft in the first half of the year, 29% above the long-term average of 11.3m sq ft. According to Savills’ latest Big Shed Briefing report, take-up was driven by a continued demand from high street and online retailers.
Manor Walks sold
Hammerson has sold Manor Walks shopping centre in Cramlington, Northumberland, to Arch Commercial Enterprise for £78m – a 7% net initial yield. Hammerson bought the 442,802 sq ft scheme in 2006 as part of a retail warehouse portfolio through its purchase of LxB Holdings.
