Capital & Regional's Luton mall up for sale for £81m
Capital & Regional (C&G) is looking to offload another of its UK shopping centres. The commercial property giant has put its Luton, Bedfordshire, mall up for sale with a price tag of £81 million. Also on the for-sale list is its mall in Hemel Hempstead, Hertfordshire.
The proposed Luton sales comes just two months after C&G sold The Mall in Blackburn, Lancashire, to the Adhan Group for £40 million, reported Property Week.
The 900,000 sq ft Mall in Luton, bought by C&G in 2006 and described by the owner as “the primary shopping destination”, has around 158 retailers and an average weekly footfall of more than 370,000 shoppers.
Key tenants include Primark, TK Maxx, H&M, New Look, River Island, Claire’s, Deichmann, Foot Locker, Lovisa, Lush, Schuh and Superdry. The group noted that more than 30 new leases and lease renewals have been completed over the last 24 months.
The Mall produces a gross income of over £11.9 million a year and a net income of over £8,8 million annually. Investment totalling £4.5 billion has been secured for regenerative residential-led initiatives within the town centre.
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