Sovereign and Area buy Ayr Central
Published: 08 February, 2011
Sovereign Land and Area Property Partners have acquired Ayr Central shopping centre from Henry Boot for £33.8m. The purchase price reflects a net initial yield of 6.25 per cent.
The 180,000-sq ft Ayr Central shopping centre is located in the heart of the town centre. Developed in 2006 by Henry Boot, it comprises the town’s prime retailing offer. It is anchored by Debenhams and Primark with other national multiple brands in the tenant line up including H&M, Next, JD Sports, HMV, Clarks and River Island. More than 95 per cent of the rental income is secured to national covenants. The centre also has a 479 space underground car park.
Sovereign Land director Chris Geaves said: “The centre has an excellent line up of major national multiple tenants. There are one or two voids which we know we can turnaround. In addition, we have an identified an asset management plan which will improve the environment of the centre and increase lettable area. There are some obvious gaps in the retail offer and tenant lineup generally, which our plan will quickly address.”
King Sturge represented Sovereign Land and AREA Property Partners and are retained as agents going forward. Savills and Springfield & Co and acted for Henry Boot.
