Tue, 15 Apr 2014 | COMMERCIAL PROPERTY
Fosse Shopping Park in Leicester has been placed on the market by its Northern Ireland-based owner Foyleside.
The sale is part of a wider shopping centre portfolio disposal, also including Foyleside in Londonderry, Palace Exchange in London and Priory Meadow in Hastings, owned by Foyleside Ltd and Abbey Centre Ltd.
There have been unsuccessful attempts to sell Fosse Park in recent years.
Its owner will seek a sale or to make a new arrangement with its banks to refinance the loan used to purchase the centre back in 2006. The deal was worth £360 million at the time.
The 37-acre site is located between Leicester and junction 21 of the M1. Opened in 1989 it has 40 stores and sees 12 million visitors walk through its doors a year.
The shops’ trade was hit by increased competition after Highcross opened in Leicester’s city centre in 2008. Seven stores – Next, BHS, Boots, Gap, New Look, WH Smith and River Island – claimed a total tax rebate of £500,000, a tenth of the business rates they paid between September 2008 and 1 April 2010, as compensation.
Expansion by up to a third is another possibility for Fosse Park. Three companies, including Foyleside Ltd, put in bid offers buy a 13-acre plot of land next door to it earlier this year.
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