Princes Mead shopping centre is for sale
The Princes Mead Shopping Centre in Farnborough, Hampshire, is up for sale at a discounted price tag of £17 million, according to Property Week. In 2011, Knight Frank Investors bought the shopping centre for £26.3 million.
Situated on the borders of Hampshire, Berkshire and Surrey, the up-for-sale centre includes a 96,131 sq ft covered retail shopping centre, an additional 20,698 sq ft of retail space spread across eight units, plus two retail warehouse units totalling 32,000 sq ft let to Decathlon and Smyths Toys.
The property is reported to have an 85% occupancy rate and includes retailers Sports Direct, JD Sports, Clarks, M&Co, Yours, Boots and The Body Shop.
According to the report, Montagu Evans has been appointed to sell the centre at an asking price that would reflect a net initial yield of around 8.94%. It is understood that gross and net income for the entire asset is around £2.142 million.
With many regional shopping centres having been on a downward spiral since before the pandemic hit, regeneration and redevelopment have been key to ensuring struggling centres remain an important part of the local communities. So it will be interesting to see what the eventual The Princes Mead buyer has in store for the venture.
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