Ayr Central Shopping Centre
Working in a joint venture with AREA Property Partners, Sovereign Land acquired Ayr Central Shopping Centre in South West Scotland in February 2011.
The 180,000 sq ft shopping centre is located in the heart of the town centre. Developed in 2006, it comprises the town’s prime retailing offer. The centre has an excellent line up of major national multiples, anchored by Debenhams and Primark with other brands in the tenant line up including H&M, Next, JD Sports, HMV, Clarks, River Island and Bank. More than 95% of the rental income is secured to national covenants. The centre also has a 479 space underground car park.
Sovereign Land is implementing an asset management plan to improve the centre environment, raise its profile and integration within the town, increase lettable area and enhance the tenant mix.
Ayr has strong potential, benefitting from both a large resident catchment with limited competition, as well as tourism and leisure visitors. Recent developments in Ayr, such as the £70 million University of the West of Scotland’s Ayr Campus, comprising 300 new student residencies, coupled with the 600 acre mixed use leisure and residential development at Auchincruive – all underpinned the purchase rationale.
