North Wales shopping centre changes hands

October 28, 2015

Friends Life, c/o AXA Real Estate and advised by Kitchen La Frenais Morgan (KLM), has sold its127 year long leasehold interest in the Victoria Centre, Llandudno, North Wales to local investor Mostyn Estates.

The leasehold interest in the shopping centre has been in the ownership of Friends Life since the centre was completed in 1992.The freehold is owned by Mostyn Estates, who has now bought in the lease, which has a 10% gearing, in joint venture with a local partner.

The Victoria Centre is a 100,000 sq ft shopping centre located on Mostyn Street in the heart of the affluent seaside resort and comprises 40 shops, plus a 366 space car park. Tenants include Boots, Burtons, Specsavers, Body Shop and Bon Marche.

The purchaser Mostyn Estates owns and manages large elements of the town centre retail offer.

Mostyn Estates was unrepresented.

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