Tue, 13 Jul 2021 | COMMERCIAL PROPERTY
Peel L&P has confirmed that it is putting the Gloucester Quays shopping centre, which is owned by its outlets arm Lifestyle Outlets, up for sale as part of an auction that could reach £125 million. Gloucester Quays itself is up for sale for £105 million, with the seller also thought to be willing to include the adjacent Gloucester Retail Park for an additional £20 million.
Gloucester Quays is part of a rejuvenated area in the city’s once run-down docks, with Peel L&P having worked alongside Gloucester Heritage Urban Regeneration Company on reviving the area. Despite facing difficulties during the COVID-19 pandemic and associated lockdowns, Gloucester Quays is said to be currently trading better than it was pre-pandemic.
The shopping centre features numerous well-known high street chains, including Marks & Spencer and H&M, as well as an array of fast and casual dining restaurants, a gym and a cinema. Located across the road from Gloucester Quays, Gloucester Retail Park is home to retailers including Next and Home Bargains.
Peel L&P Executive Director Stephen Wild said: “Gloucester Quays is a well-established place with an exceptionally diverse retail and leisure offering. We are currently looking for an investor to come on board and help take the centre to the next stage of its journey as a premier-choice, place-led destination in Gloucester.”
“Like any other retail and leisure offering in the UK, Gloucester Quays has faced challenges as a result of the pandemic and ensuing lockdowns, but it has weathered the storm well due to the quality and vibrancy of its customer proposition. The centre is trading well and since re-opening in April, has reported a 54 per cent increase in average spend compared to 2019 figures.”
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