BidX1, the online auction specialist, has sold Westway Retail Park in Cumbernauld, Scotland for a price significantly in excess of the £6.5m guide price. The 11-unit retail park is the highest value commercial property to be sold via auction so far this year, according to figures provided by Essential Information Group.
BidX1, who worked with Savills’ retail investment team on the sale, has confirmed that a number of competitive bids were received prior to auction, resulting in a sale price that topped the guide by more than 15%. The buyer is UK-based while the underbidders included family offices, PLC property companies and high-net-worth regional investors.
Simon Bailey, Director at BidX1, commented: “We’re very pleased to have completed such a significant sale for our client. It speaks volumes that the highest value commercial asset to sell via auction this year was sold by an online auction house. A property firm that puts technology and data at the heart of its model is now a hugely valuable partner in any sale process.
“As the mature players in this space, we are seeing a huge increase in demand for a more flexible, modern and tech-focused approach, both from existing and new corporate clients.”
The result follows the sale of two North-West shopping centre investments last month; BidX1 sold the Belle Vale Shopping Centre in Liverpool and the Port Arcades Shopping Centre in nearby Ellesmere Port prior to auction in September. Both schemes were purchased by a property company for an undisclosed sum, which BidX1 has confirmed was significantly in excess of the combined guide price of £7.6m.
Constructed in 2006, Westway Retail Park is conveniently located just 2 miles from Cumbernauld town centre and 14 miles from Glasgow. The park is anchored by B&Q (74.1% of the current income), with other key national tenants including Halfords, Carpetright and Pets at Home. Currently 85% let by floor area, Westway generates a gross passing rent of £1,051,950 per annum, with a net operating income of £946,512 per annum.
The park is L-shaped, with 11 units providing approximately 12,610 sq m (135,735 sq ft) of unrestricted non-food retail warehousing space, and 665 surface car parking spaces. In total, the site area extends to approximately 17.54 hectares (43.33 acres).
Planning permission is in place for a further 18,085 sq m (194,672 sq ft) of retail warehousing, whilst an application for Planning Permission in Principle (PPP) for 28,200 sq m (303,552 sq ft) of mixed uses (including a cinema, commercial leisure, hotel, food/beverage, foodstore, business incubator and car showrooms) is due to be presented to Planning Committee on Thursday 12th November 2020 (Ref: 20/00412/PPP).
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