North West shopping centres snapped up by regional propco ahead of BidX1 auction
Two north west shopping centre investments, due to be offered on 29 September, have sold prior to auction for significantly in excess of their combined reserve price of £7.6m.
Auctioneer BidX1 said the Belle Vale Shopping Centre, in Liverpool, and Port Arcades Shopping Centre, in nearby Ellesmere Port, were sold under normal auction terms. It is understood that they were snapped up by a well-funded regional property company.
Digital auction experts BidX1 teamed up with Savills’ specialist retail investment team on the sales, which were on the instruction of joint administrators at Moorfields.
Two north west shopping centre investments, due to be offered on 29 September, have sold prior to auction for significantly in excess of their combined reserve price of £7.6m.
Auctioneer BidX1 said the Belle Vale Shopping Centre, in Liverpool, and Port Arcades Shopping Centre, in nearby Ellesmere Port, were sold under normal auction terms. It is understood that they were snapped up by a well-funded regional property company.
Digital auction experts BidX1 teamed up with Savills’ specialist retail investment team on the sales, which were on the instruction of joint administrators at Moorfields.
They were guiding £4.6m for Belle Vale, a capital value of £15.37 per sq ft, and £3m for Port Arcades, a capital value of £8.76 per sq ft. They had been bought in 2006 with a third smaller centre, the Broadwalk Shopping Centre in Bristol, for a combined £130m, a 5% yield.
Simon Bailey, who handled the sales for BidX1, said, “An auction date provides a focus and momentum which is unmatched. Along with the deal-certainty offered by an auction contract, and the level of exposure generated on the digital platform, this was the ideal approach for such assets.
“We were very pleased to be working with Savills’ team on these sales; it makes sense for vendors to combine expertise to ensure optimum outcomes; in this case the specialist skill-set of Savills’ retail investment team and our own digital and auction expertise.”
Separately, BidX1 raised more than £12m at its latest auction, on 23 September. The results represent a 90% success rate.
Notable sales include a freehold four-bedroom house in Kennington, SE11, offered on behalf of Southwark Council. The property (lot 12) in the Elliots Row Conservation Area sold for £806,000 from a guide of £750,000. Southwark Council also engaged BidX1 to sell a freehold four-bedroom end of terrace house in Camberwell, SE5 (lot 11). The Grade II listed property was guided at £700,000 and sold for £800,000.
Three neighbourhood convenience stores located in Cardiff, Worcester and Leicester – offered on behalf of a property company – were all sold prior to auction, with a combined sale price of almost £3m.
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