Westhill Shopping Centre, near Aberdeen, is up for sale at offers over £11 million.
Agent Savills says the “dominant neighbourhood” retail development benefits from being at the heart of one of the most affluent areas in and around the Granite City.
And completion of the Aberdeen Western Peripheral Route in 2019 has only “enhanced the shopping centre’s accessibility”, the sales brochure adds.
Savills also highlights the site’s 100% occupancy, with tenants including Marks & Spencer (M&S), Home Bargains and Costa Coffee.
28 retail units and 6 office suites
The shopping centre boasts a total of 28 retail units and six office suites at first floor level.
M&S Simply Food is the anchor tenant among 32 occupiers generating income of more than £1.2 million for the owner annually. More than one-quarter (26%) of this total is from the M&S store.
Savills says average rent comes in at £19.67 per square foot for the 61,332sq ft development comprising 4,683sq ft of office accommodation and 56,482sq ft of retail space.
Westhill shopping centre within easy reach for 324,00 people in north-east
The brochure adds: “Westhill Shopping Centre has a population of approximately 30,700 within a 10-minute drive and 324,000 within a 20-minute drive, which includes Aberdeen city centre, Stonehaven and Portlethen.
“There is a diverse demographic base within Westhill, with a significant percentage in the more affluent subcategories of ‘prestige positions’ and ‘country living’, representing
21% and 12% of the population respectively.”
— Keith Findlay (@KeithFindlay1) November 8, 2023
The brochure does not say who is selling the site, which is currently managed by London-based MAPP.
Savills did not provide any further information.
According to retail property-focused website Revo, centre manager Ben Horsburgh, of MAPP, has “transformed” its outdoor space, with “fantastic” results, since being appointed to run it in 2019.
The site is on the corner of Old Skene Road and Westhill Drive.
In 2015 the completion of a new 15,000sq ft development, occupied by Home
Bargains and Costa, increasing the shopping centre to its current size.
The site boasts 314 parking spaces and planning permission has been granted to install four electric vehicle charging points, for which lease negotiations are already under way
Savills’ brochure says asset management opportunities including the potential to further develop the site to the west of its car park.
The price tag for the “rare opportunity” excludes VAT.
Housing development an option for new owner
Budding buyers are being told the north-east economy is poised to benefit after being named earlier this year as one of Scotland’s first investment zones.
Savills adds: “Westhill Shopping Centre benefits from a variety of units which provides the opportunity to take forward new tenant interest and existing occupiers currently in situ.
“There is also the ability to significantly enhance the income profile of Westhill Shopping Centre through development on the western side of the car park. There is great potential for a variety of options, which include enhancing the retail offering through the development of a retail warehouse or retail parade, introducing a drive through scheme or residential development.
“Planning has not been pursued for these proposals yet.”
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