Land Securities buys stake in Westgate, Oxford
Published: 04 May, 2010
Land Securities has today has bought a 50 per cent stake in the Westgate Centre, Oxford from The Crown Estate for just over £28m representing a yield of 6.75 per cent. The property will be jointly held in a new limited partnership.
The 320,000-sq ft centre comes with two cleared sites at the rear which had been acquired previously to facilitate development of a 750,000-sq ft shopping centre anchored by John Lewis Partnership. It also benefits from an adjoining local authority-owned 1,200-space car park.
The partnership will aim to enhance the shopping experience at Westgate through asset management and assess prospects for a commercially viable development proposal to ensure the Westgate Centre meets the needs of Oxford’s residents, shoppers and businesses alike.
The centre includes national multiple retailers such as Sainsbury’s, Primark, Next and New Look.
Richard Akers, managing director of the Land Securities retail portfolio said: “Oxford is potentially one of the most exciting city centre retail opportunities in the UK. The city’s character, combined with strong tenant demand and an attractive catchment, provide excellent scope for both asset management and development. In partnering with The Crown Estate we are building on the relationship established at Exeter and based on a shared approach to long-term asset management.”
King Sturge has been appointed as asset manager and letting agent for Westgate.
