Moorgarth has exchanged contracts with Catalyst Capital to purchase Waverley Mall shopping centre in Edinburgh. The 85,000-sq ft centre, situated between Edinburgh’s Waverley train station and Princes Street, was acquired by Catalyst in 2013. Last year it changed its name from Princes Mall and underwent a £4m refurbishment. The investment has helped attract new occupiers including Tiger, Game and Sainsbury’s.
Moorgarth is continuing to grow its portfolio of prime retail assets, including Parkgate shopping centre in Shirley, Birmingham which it bought from Helical and Coltham Developments for £16m last November.
Moorgarth’s Tim Vaughan said Waverley Mall presents appealing asset management opportunities at a time when shopping centre owners are particularly keen to exploit demand from the leisure market. “Given its location in the heart of the city centre, there is real potential to develop both its leisure and retail offer,” he said.
Cushman & Wakefield advised Moorgarth and Lunson Mitchenall acted on behalf of the vendor.