Shopping Centre Investment
Client
Englander Group and Lloyds Banking Group
Client Industry
Real Estate
Services Provided
Location
Size/Value
£57,860,000
Divison Involved
Date
Challenge
In 2021, Savills Retail Investment team were instructed by Englander and Lloyds Banking Group to dispose of their Freehold interest in Yate Shopping Centre and Riverside Retail Park.
Market conditions were challenging as the shopping centre investment market recovered from COVID-19, with sector-wide issues including rent collection, arrears and occupational uncertainty after periods of forced closure.
Solution
Following a period of thorough pre-sale due diligence and appraisal of the asset, including analysis of various asset management opportunities, the Savills team prepared the asset for sale. Savills mobilised their cross-divisional capabilities to ensure the asset was optimised for disposal.
Results
Having run a highly successful and competitive marketing campaign with multiple rounds of bidding, the Savills Retail Investment team disposed of the property for £57,860,000, achieving a circa 10% premium on the quoted pricing.
We engaged Savills in order to advise us on the sale of the Yate Shopping Centre in the later part of 2021 and, in spite of challenging market conditions, we were able to achieve an outstanding result by completing the transaction early 2022. To achieve this outcome in such a short time frame was, without any doubt, due to the exceptional hard work and deep market knowledge of the Savills Retail Investment team led by Mark Garmon-Jones. Mark and his team are not only outstanding real estate professionals, but also a delight to work with, always providing sound and calm advice to allay any inevitable moments of tension. We look forward with working with them on other opportunities
Francois Joliot, Englander Group