Silverburn sale completes, new owner aims to "transform it to leading asset in its catchment"
The Silverburn shopping centre in Glasgow officially has new co-owners. So expect new joint venture partners Eurofund Group and co-investor Henderson Park “to take a good centre and transform it into the leading asset in its catchment”, they said Wednesday.
The £140 million deal signed in December saw Hammerson off-load what it regarded as non-core asset to concentrate on its prime property portfolio.
And although plans for the the 100,000 sq m “flagship centre” have yet to be released, existing retailers and catchment area consumers should expect some notable changes as the country continues to rebuild in the post-pandemic period.
Located in Pollok, “a wealthy suburb of the UK’s fifth largest city”, Silverburn is “Glasgow’s newest and highest quality shopping centre with an affluent catchment area of 2.1m people”, noted the co-owners.
The centre, which first opened in 2007, “has historically generated consistently high footfall" of c.15 million per annum.
Silverburn comprises 125 retail and leisure units with anchor brands including Next, Marks & Spencer and TK Maxx. The “Top 20 UK shopping centre” sits on a 67-acre freehold site, which includes 4,500 car parking spaces and the largest Tesco in Scotland, under a long leasehold interest.
Eurofund Group president Ian Sandford said: “[Our] vision is to utilise our team’s strong asset management and operational expertise to unlock latent value and reposition Silverburn as the leading retail, leisure and F&B destination in Scotland.”
Alberto Esguevillas, chief executive officer UK, added: “Scotland represents a particularly strong retail opportunity in the UK, with Glasgow recently being named one of the two most resilient retail destinations in the country. This is demonstrated in the strong interest we are seeing from retailers and brands wanting to expand or establish a presence in Silverburn.”
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