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News Archive > General > White River Place set to go under hammer for £4.65m

White River Place set to go under hammer for £4.65m

By Natasha Swift 17th February 2021

White River Place set to go under hammer for £4.65m
St Austell’s White River Place is going under the hammer for a guide price of £4.65m

White River Place is going under the hammer for £5m - less than half the price it was being sold for in 2019. 

The shopping centre is being auctioned off next month with a guide price of £4,65m - more than £70m less than it cost to build just over a decade ago. 

White River Place, which is described as a ‘dominant community shopping centre’, was put on the market 18 months ago in 2019 with a £10m price tag. 

The shopping centre opened to the public in October 2009 and was hailed as the key to “unlocking the town’s business potential”.

White River Place, which took seven years to build and cost around £75m to complete, is now home to TK Maxx, Wilko, Superdrug, New Look, Lloyd’s Bank and Costa Coffee as well as the White River Cinema.

It is being sold by London-based BidX1 and will go to auction on March 16.

The listing states: “The occupational story at White River Place has proven resilient. Incumbent tenants have repeatedly committed to the centre, whilst new brands have been periodically brought into the scheme to revitalise the tenant mix. 

“The scheme benefits from a strong mix of national multiple covenants as well as local retailers, and the attraction is further driven by the leisure offering.

“White River Place is a well-let, established community shopping centre that also presents a number of exciting asset management opportunities to improve the income stream and drive the asset forward.”

It says one 15,050 sq ft vacant unit, which is currently vacant could provide the opportunity for alternative uses at the scheme, ‘such as healthcare, office or residential facilities, which would benefit the sustainability of the scheme through a diversification of uses’. 

The listing continues: “White River Place is well-let. There are, however, several vacant units in the shopping centre, the letting of which would present the opportunity to improve the income stream. 

“A proactive approach should be adopted to secure the future of key tenants in the scheme. Examples of this include the recent lease renewal to Costa and the lease renewals to Superdrug and O2, which are agreed and out for engrossment. 

“Agree a lease renewal with Wilko by downsizing the existing unit and seeking a leisure use for the remaining space. 

“The current landlord is in discussions with Cornwall County Council regarding taking circa 30,000 sq ft in order to consolidate a number of civic services as part of a central integrated services hub.”

The 178,077sq ft scheme, which has 28 retail units, is anchored by the Wilko store.

The listing states that the shopping centre has a gross income of £1,211,495 per annum and net operating income of £659,655 per annum with 550 ‘income producing’ car parking spaces.

By Natasha Swift 17th February 2021

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