Inverness shopping centre up for sale at £18.5m after £116m purchase

Eastgate Shopping Centre in Inverness has been put on the market with a guide price of £18.5m — roughly a sixth of what its current owners paid for it nine years ago.

Owners Harbert Fund Management and Scoop Asset Management acquired the centre in August 2015 for £116m.

The asking price also represents around a tenth of the £170m Grosvenor paid for the centre in 2005.

The centre will continue to trade as normal throughout the marketing process, with no disruption expected for shoppers or occupiers. Knight Frank has been instructed to handle the sale.

Mark Hewett, asset manager for the owner, said: “We are pleased to bring Eastgate Shopping Centre to the market and believe it represents an attractive opportunity for investors. The centre benefits from a strong position within its catchment, an established occupier base and a significant role within the local community.”

Eastgate was built in two phases and now spans around 80 shops and leisure units, with two car parks offering some 1,350 spaces between them.