Aberdeen Standard appoints agents to sell Edgware shopping centre
Aberdeen Standard Investments has instructed Knight Frank to sell the Broadwalk Centre in Edgware, HA8.
Knight Frank is seeking offers in excess of £60m for the centre, which is being marketed with scope for regeneration.
The freehold site measures around 13 acres and is directly adjacent to Edgware Underground and bus stations.
Aberdeen Standard Investments has instructed Knight Frank to sell the Broadwalk Centre in Edgware, HA8.
Knight Frank is seeking offers in excess of £60m for the centre, which is being marketed with scope for regeneration.
The freehold site measures around 13 acres and is directly adjacent to Edgware Underground and bus stations.
The existing owners have considered various options for the site, ranging from development on the existing car park for extended retail and around 1,000 new homes to a larger-scale redevelopment of the entire site comprising up to 3,500 homes.
The Broadwalk Centre measures 190,000 sq ft and is anchored by Sainsbury’s and TK Maxx. It covers a third of the site, with the remainder taken up by a 1,000-space car park.
The agent said both the Greater London Authority and the London Borough of Barnet have indicated that they are supportive of mixed-use development at the site.
Charlie Barke, partner at Knight Frank, said: “This is a site offering huge potential, and we would expect residential and mixed-use developers to consider it closely. Rarely does a freehold site of this scale come up in such a strong location.”
To give a sense of how pricing for the property has shifted, Scottish Widows had previously bought the centre for £67.3m in 2012, reflecting a 6% net initial yield.
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