Land Securities sells Liverpool shopping centre
Land Securities has exchanged contracts to sell the 413,000 sq ft St Johns Centre to InfraRed Capital Partners for £76.5m in a deal that is expected to complete in April.
Richard Akers, managing director of the retail portfolio at Land Securities, said: "We have recently completed a number of asset management initiatives at St Johns which have successfully positioned it as a value offer based centre in the heart of Liverpool. The sale will allow us to recycle the capital into other opportunities."
St Johns has 88 tenants, including independent station Radio City in the landmark St Johns Beacon tower above the centre. St Johns opened in 1969 and is still the city's biggest covered shopping centre in Liverpool and home to the largest undercover food court in the city.
Jones Lang LaSalle acted for Land Securities.
Yes, can we see any investment from the new owners ? Liverpool needs something along the lines of Arndale in Manchester
By tercol
I agree. The centre is in desperate need of massive investment. Hopefully the fact that it makes so much money will help secure the loans needed for an overhaul. Ideally though it would be demolished, with street patterns re-established.
By MrD
I agree with Mr D…another alternative would be ‘demolish’ and build a nice Central Park. I wondered how long it would take Land Securities to accept the ‘quick buck’ for this dump. It will help fund their investments in other cities.
By George
Aye, good plan…spend £76 million and knock it down. Not everyone can afford to shop in John Lewis…
By Common Sense