Basingstoke’s Festival Place brought to market
Savills has brought the long leasehold interest in Festival Place Shopping Centre in Basingstoke to market, on behalf of receivers BDO.
The scheme comprises almost 1.13 million sq ft over 20 acres and is the primary retail destination in the London commuter town.
The centre is anchored by Marks & Spencer, Next, and H&M, with other occupiers at the scheme including Superdrug, Apple, Nando’s, Sports Direct, Five Guys, Tk Maxx, and Vue Cinema.
Festival Place benefits from a weighted average unexpired lease term of 5.76 years, and 4.36 years to break.
A number of initiatives are already advanced by asset manager Sovereign Centros, with new lettings to Superbowl and Hans Buffet in 16,750 sq ft and 10,000 sq ft spaces respectively.
There is also demand for the former Debenhams unit, which spans 107,014 sq ft across three levels. Sovereign Centros is considering introducing a mixture 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.”