The long leasehold interest in Festival Place shopping centre in Basingstoke has been put up for sale by receivers BDO.
Festival Place comprises 1,127,629 sq ft over a 20-acre site and anchor tenants include Marks & Spencer, Next, Vue Cinema, Sports Direct and H&M.
The scheme benefits from a strong weighted average unexpired lease term of 5.76 years, with 4.36 years to break.
Significant asset management initiatives have already been undertaken by Sovereign Centros with new lettings recently secured with Superbowl and Hans Buffet. There is also strong demand for the former 107,014 sq ft Debenhams space, which spans three levels.
Mark Garmon-Jones, director of retail investment at Savills, which has been appointed to market the opportunity, 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.”
