Savills is marketing the Castle Quarter shopping centre in Norwich for offers in excess of £23.55 million.
The property advisor is acting for receivers on the deal which reflects a net initial yield of 10 per cent and a capital value of £61 per sq ft.
The 385,158 sq ft city centre scheme, split across five levels has 350,000 customers within a 20-minute drive time and generates a net operating income of £2.5m per annum.
Major tenants include TK Maxx, Superbowl, Vue, and Boots among 75 occupiers. It has a 791-space car park, spread over three levels, which itself contributes 42 per cent of gross income, generating £1.5m net.
Toby Ogilvie Smals, director in retail investment at Savills, said: “The offering of Castle Quarter comes at an opportune moment in the UK retail investment market.
“Following a resurgence in confidence, investment volumes are recovering, with a notable desire to capitalise on record-high yields.
“Castle Quarter, with its prime location and secure income, aligns well with this trend, offering investors a rare opportunity to acquire a high-quality asset as yields harden in anticipation of future interest rate cuts.”
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