Queensgate shopping centre is up for sale

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Thursday, 12.25pm: Queensgate shopping centre in Peterborough has today (12 September) been put on the market for an asking price in excess of £200 million.

Owners Hammerson and Aviva Investors have appointed agents CBRE to sell the the centre, which has a price tag of more than £200 million.

Peterborough's Queensgate Shopping Centre, which has been put up for sale. Photo: Paul Franks

Peterborough's Queensgate Shopping Centre, which has been put up for sale. Photo: Paul Franks

A spokesman for Hammerson has today confirmed the shopping centre is on the market.

The sale process was only started a couple of days ago as part of a review of Hammerson’s extensive property portfolio.

Aviva and Hammerson have agreed to jointly market their respective 50 per cent stakes in the 834,840 sq ft centre on Bourges Boulevard in Westgate in the town centre.

Hammerson asset manages the centre which was opened in 1982 and comprises 134 shops. The centre is close to local transport links and in addition has parking for 2,300 cars.

Tenants include Primark, Alliance Boots, Bhs, H&M, John Lewis, Marks & Spencer and Waitrose.

Hammerson bought 50 per cent of the freehold of the Queensgate Shopping Centre from Aviva, then Norwich Union Life & Pensions, for £156 million in 2005.

The partners have planned a 646,000 sq ft extension of the Queensgate centre, known as the North Westgate development, making it one of the largest shopping centres in the UK, but the scheme has been on hold during the economic downturn.

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