Savills has been instructed to market Festival Place Shopping Centre in Basingstoke on behalf of receivers BDO.
The long leasehold is for sale of the 1,127,629 sq ft centre, set in over 20 acres of the town centre.
Key tenants include Marks & Spencer, Next, and H&M, with other prominent occupiers such as Superdrug, Apple, Nando’s, Sports Direct, Five Guys, TK Maxx and Vue Cinema.
The scheme benefits from a strong Weighted Average Unexpired Lease Term (WAULT) of 5.76 years, with 4.36 years to the next break.
Asset manager Sovereign Centros has agreed new lettings to Superbowl and Hans Buffet in 16,750 sq ft and 10,000 sq ft of space respectively.
There is also strong demand for the former Debenhams space, which spans three levels and 107,014 sq ft. There are considerations around introducing a mix of new retail and leisure uses, aimed at enhancing dwell time, footfall and customer spend.
Mark Garmon-Jones, director of retail Investment at Savills, said: “We are delighted to be working with receivers and Sovereign Centros, as asset managers, to market this dominant shopping and leisure scheme in the South East.
“It presents significant asset management opportunities, driven by strong tenant demand and performance.”
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