Horsham shopping centre acquired out of receivership
A shopping centre in Horsham, West Sussex has been acquired out of receivership by CUBE RE (Cube).
Swan Walk shopping centre has been acquired via Cube’s Joint Venture Hathaway Opportunity Fund (HOF).
Spanning over 300,000 sq ft of lettable space, Swan Walk is home to retailers including M&S, Next, Boots, H&M, WHSmith, Sports Direct, and Fat Face.
The scheme also houses around 26,000 sq ft of office space which has been let to Horsham District Council, which will take residence early next year.
Horsham is a market town located seven miles south-west of Crawley, 23 miles north of Brighton, and 33 miles south of London.
Cube has appointed Savills and Crickmay as letting agents for Swan Walk, whilst Tandem Property has been appointed as the scheme’s managing agent.
Dunluce advised Cube on the acquisition. Knight Frank advised the vendor.
Nic Lowry, investment director at Cube, said: “Swan Walk is a great addition to the fund with an opportunity for us to push forward value add asset management initiatives, including ESG focused building improvements, tenant lease regears and look at the medium-term development potential.
“The centre sits within a growth area, and benefits from a supportive local authority which is committed to retaining Swan Walk as the focus for retailing in the area. There are also a host of major housing developments surrounding the town, bringing an influx of new residents, and shoppers to Swan Walk.”
David Erwin of Dunluce added: “It’s been a challenging journey for the shopping centre sector, with true value is in short supply. We were delighted to work with Cube and HOF in identifying Swan Walk as an exciting acquisition opportunity at a time when the sector is displaying positive signs of recovery in a town where the demographics are strong, retail supply is limited, the local authority are fully engaged, and where occupiers are thriving within the scheme.”