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Three Scottish shopping malls up for sale at huge discount

Gyle

Gyle shopping centre: one of three up for sale

Three Scottish shopping malls have been put up for sale at knockdown prices in what will be seen as another indication of difficulties in the retail sector.

The Bon Accord in Aberdeen, the Gyle in Edinburgh and the Clyde shopping centre in Glasgow have a combined asking price £184 million below their previously combined peak values.

According to Property Week they are now being marketed for £125m, £125m and £51m respectively – having sold in earlier deals for £189m, £225m and £70m.

The 412,000 sq ft Gyle centre is being marketed by Savills on behalf of Cerberus. The centre sold for £225m to Irish investors in 2006 and Cerberus acquired it in 2014 for an undisclosed sum. New homes are planned off the nearby bypass and in June, Cerberus unveiled plans to redevelop and extend the shopping centre with a cinema, a renovated food court and new leisure and retail units.

Cerberus is also selling the 555,000 sq ft Clyde Shopping Centre in Glasgow for nearly £20m less than it paid for it four years ago. CBRE has been appointed to market the mall.

Capreon, which is selling the Bon Accord, the second-largest shopping centre in Aberdeen, via CBRE, bought the mall just two years ago when planning permission was granted for an extension.

Franco Sidoli, executive director at CBRE, told Property Week: “It’s very early days and we’re seeing what the market reaction will be.”



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