British Land to acquire 50 per cent stake in Bath retail centre

4th Sep 2013 07:04

British Land is set to purchase 50 per cent of SouthGate in Bath after agreeing to pay current owner Multi Southgate 101m pounds for the new 430,000 sq ft, prime open air retail scheme located next to Bath Spa railway station. The scheme, which has 55 retail units, 14 leisure units, the largest car park in the city and 25,000 sq ft of office accommodation, is anchored by Debenhams, H&M, Topshop and Boots, has also attracted several new, high profile retailers to the city. SouthGate is currently 93% let. Charles Maudsley, Head of Retail for British Land, said: "SouthGate's strong fundamentals, the lack of out of town competition and footfall make it one of the best centres in the South of England. It is well let, modern and excellently located in a prime market with significant tourist spend. "The scheme has dramatically altered the retail offering in an area historically undersupplied with good quality, well configured retail space. "We will build on these fundamentals by completing the final lettings post development, broadening the tenant mix to appeal to a wider customer base, and improving the scheme's presence and experience."NR