Savills appointed as receiver on threee centres
Published: 01 September, 2011
Thamesgate Shopping Centre, Gravesend; Waterborne Walk, Leighton Buzzard and Wellington Way, Waterlooville placed in receivership
Savills director Julian Clarke and associate Matthew Nagle have been appointed as joint LPA receivers on three retail assets - Thamesgate Shopping Centre, Gravesend; Waterborne Walk, Leighton Buzzard and Wellington Way, Waterlooville. The receivers have been appointed by the Special Mortgage Servicers, Hatfield Philips International, as a result of a mortgage default by owners the CPI Retail Active Management Programme No. 3 Limited Partnership acting through CReAM (GP No.3) Limited.
The centres, which will continue to trade, will remain open and fully operational with the current retailers and services in place under the control of the joint receivers. Savills is appointed as property managers at the schemes and the owners of the centre are co-operating fully with the receivers by providing an orderly hand over, enabling value to be maintained and successful management to be continued for a significant period.
Julian Clarke, head of national recoveries at Savills, said: “It is business as usual at all three shopping centres. All retailers and contractors will be made aware of the current situation and will be continuing to trade and operate as normal. As the receivers, we will be working closely with the management teams to see if we can find ways to improve the shopping experience for customers and ensure that the scheme is performing to its maximum potential.”
Thamesgate Shopping Centre comprises 80,360 sq ft with 20 retail units let to tenants including Wilkinsons, Poundland and Superdrug. Waterborne Walk, anchored by Waitrose, has 21 units and totals 84,454 sq ft while Wellington Way with 33 retail units totals 56,285 sq ft and is anchored by Iceland.
