InfraRed Capital Partners is to bring to market the St Johns Shopping Centre in Liverpool in September for an offer price of £140m, reflecting a net initial yield of just over 6%, CoStar News can reveal.
InfraRed has appointed Cushman & Wakefield to market the asset.
Liverpool is ranked 5th in the UK Experian consumer spending index making it one of the most important retail destinations in the UK, InfraRed said.
St Johns is situated in the heart of the city centre at the hub of the public transport interchange.
Totalling 535,000 sq ft, the covered scheme is arranged over two levels and is anchored by Sainsbury's, New Look, Matalan, and Wilkos. It also includes an adjoining block fronting Williamson Square, which houses the popular Liverpool Football Club store, a 625 space multi-story car park, the iconic beacon tower, a 139 bed Holiday Inn hotel and Europe's largest single motion media wall.
InfraRed purchased the centre in 2012 and in the last three years has invested significant capital into the centre. Together with its asset manager The Hark Group, InfraRed has comprehensively refurbished the centre, creating a modern retail environment, and delivered occupancy levels of almost 100%. Footfall has grown over 20% to circa 14.5m shoppers per annum.
Chris Huxtable, InfraRed Director and European Team Head, said “We were initially attracted to St Johns by the strength and the variety of the retail offer in Liverpool and the fact that St Johns clearly provided the everyday shopping for a large and loyal proportion of the Liverpool catchment. The centre needed investment, which we have been able to provide, and with the support of the Mayor and his officers we have delivered a modern and attractive environment to benefit retailers and shoppers alike for many years to come.”
Charlie Barke, leading the sale at Cushman & Wakefield, said: "The centre has been transformed under our client's ownership and it is now a highly successful shopping centre in one of the UK's leading cities. We expect strong interest from a wide investor pool."