Festival Place Shopping Centre put on the block

Basingstoke’s Festival Place Shopping Centre is up for sale from receivership. Savills is marketing the long leasehold of the 1.1m sq ft centre on behalf of BDO. Tenants include Marks & Spencer, Next, H&M, Superdrug, Apple, Nando’s, Sports Direct, Five Guys, TK Maxx and Vue Cinema, while asset manager Sovereign Centros has recently agreed new lettings to Superbowl and Hans Buffet. The scheme has a weighted average unexpired lease term of 5.76 years, with 4.36 years to the next break. Savills said there is also “strong demand” for a former Debenhams store. Mark Garmon-Jones, director of retail Investment at Savills, said the site “presents significant asset management opportunities, driven by strong tenant demand and performance”.