A shopping centre owned by Tristan Capital Partners will go under the hammer in BidX1’s sale next month with a guide price set at a fraction of the price paid for it in 2012.
White River Place Shopping Centre in St Austell, Cornwall, which is managed by Ellandi, is listed with a guide of £4.65m in the 16 March auction.
The mall was previously bought in 2012 from Blackstone, which had acquired it as part of the £1.4bn distressed Royal Bank of Scotland loan portfolio that it took control of in December 2011. Ellandi and Tristan paid £25m for White River Place, which opened in 2009.
The centre is anchored by a 40,469 sq ft Wilko store. Other tenants include Superdrug, Costa and TK Maxx. The centre’s gross income is £1,211,495 pa, a third of which is secured against the customer car park. Net operating income is £659,655 pa.
The weighted average unexpired lease term is 4.29 years to lease expiries and 4.08 years to breaks.
The centre was previously put up for sale with a £10m price tag in 2019, when the potential for redeveloping some of the space as residential was mooted.
It is the latest in a string of retail asset disposals to be handled jointly by BidX1 and Savills for various vendors. Last year, the firms handled the sale of Westway Retail Park in Cumbernauld and two North West shopping centres which were sold together.
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