Great Yarmouth shopping centre sold out of administration
A shopping centre in Great Yarmouth, Norfolk, has been sold out of administration following a bidding process.
Advising the fixed charge receivers, FMX Urban Property Advisors has sold Market Gates Shopping Centre to a private client of Colliers.
The 223,247 sq ft shopping centre – which was acquired by Ellandi in 2013 for £28m – was brought to market in November 2024 with a guide price of £4.58m, after being placed into administration in 2021. This guide price reflected a net initial yield of 13% and a capital value of £20.47.
Constructed in 1976, Market Gates is arranged across three floors and is home to retailers such as B&M, TJ Hughes, Boots, Superdrug, JD Sports, and Poundland. As of November 2024, it had a weighted average unexpired lease term of 3.75 years to expiry.
The scheme also benefits from Great Yarmouth Borough Council’s recent £4.7m refurbishment of Great Yarmouth Market, which sits adjacent to the principal entrance to Market Gates. The market is open six days a week and hosts a variety of local retail and food and beverage operators. Market Gates is also supplemented by a 357-space multi-storey car park