Carlisle shopping centre in receivership hits the market
A major shopping centre in Carlisle which has been placed into receivership has hit the market with a price tag of £15,740,000.
The Lanes shopping centre spans 437,331 sq ft and produces a net operating income of over £1.9m per annum.
Major tenants at the scheme include Primark, Next, Superdrug, New Look, River Island, Costa Coffee, and Lush.
The Lanes has a weighted average unexpired lease term of 7.32 years, with the largest tenant by income, Primark, secured for another 16 years.
The scheme offers a number of value-add asset management opportunities, including the reletting of the 107,848 sq ft former Debenhams store. Terms have been reached with a major international retailer to take the ground floor of the unit, which spans 27,795 sq ft.
Savills is marketing the asset on behalf of Jemma McAndrew and David Eden of Cushman & Wakefield, joint receivers.
Toby Ogilvie Smals, director in retail investment at Savills, said: “The offering of The Lanes comes at a favourable time in the UK retail investment market; there are definitely more motivated buyers in the market than we have seen for some time. Investment volumes are recovering in line with confidence in retail and the desire to capitalise on record high yields. We are optimistic that there will be high levels of interest in The Lanes, as it offers rare opportunity to acquire an asset with a high-quality tenant mix alongside attractive asset management opportunities to drive the asset forward.”