March 31, 2017
Moorgarth has exchanged contracts with Catalyst Capital to purchase Waverley Mall shopping centre in Edinburgh.
The 85,000 sq ft centre, situated between Edinburgh’s Waverley train station and Princes Street, was acquired by Catalyst in 2013. Last year it changed its name from Princes Mall and underwent a £4 million refurbishment. The investment has helped attract new occupiers including Tiger, Game and Sainsbury’s.
The deal reflects a strong appetite for prime Scottish investment assets and is a welcome endorsement of the city’s property market.
Moorgarth is building an impressive portfolio of prime retail assets, including Parkgate shopping centre in Shirley, Birmingham which it purchased from Helical and Coltham Developments for £16 million last November.
Waverley Mall presents appealing asset management opportunities for the South African investor at a time when shopping centre owners are particularly keen to exploit demand from the leisure market.
Moorgarth’s Tim Vaughan said: “We are delighted to have exchanged contracts on this key Edinburgh retail asset. Given its location in the heart of the city centre, there is real potential to develop both its leisure and retail offer. Edinburgh is a vibrant city, attracting a high level of domestic and international visitors and we very much look forward to helping Waverley Mall fulfil its potential.”
Guy Wilson, a partner of Catalyst Capital, said: “Our substantial refurbishment and re-letting of this shopping centre is a good example of our ability to purchase underperforming assets and reposition them”.
Cushman & Wakefield advised Moorgarth and Lunson Mitchenall acted on behalf of the vendor.