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Friday, 25 July 2014

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Leasehold for Carlisle's The Lanes shopping centre up for sale

The leasehold of The Lanes shopping centre in Carlisle is up for sale with an asking price of £65 million.

Owner Aviva Investors is selling the mall to rationalise its property portfolio.

Any sale will make no difference to retailers or the city council, which owns the bricks and mortar.

The Lanes opened in 1984, built by the council in partnership with insurance giant General Accident. General Accident was taken over by Norwich Union, which later changed its name to Aviva.

Under the terms of the deal, General Accident put up most of the £17m development costs in return for a 250-year lease.

Rental income is shared between the council and Aviva.

Any buyer would be entitled to £4.88m a year at current rental levels.

That represents an annual return of 7.5 per cent on the asking price of £65m.

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