King Sturge has advised the Crown Estate on its purchase of the Westgate shopping centre in Oxford that completed last week and has also been appointed property and asset manager and leasing agent on the 320,000 ft² scheme.

The Crown Estate has bought the Westgate Centre from Capital Shopping Centres for circa £56m at a net initial yield of around 6.75%.

In a separate deal struck between principals, the Crown sold a 50% stake to Land Securities, creating a 50:50 joint partnership similar to the partnership it formed with LandSec at Princesshay Shopping Centre in Exeter.

The partnership will seek to enhance the shopping experience and existing retail mix at the Westgate Centre and assess prospects for a commercially viable development proposal. The 320,000 sq ft centre, which features such retailers as Sainsbury’s, Primark, Next and New Look,  includes a number  of cleared sites at the rear that had been acquired previously to facilitate a 750,000 sq ft shopping centre anchored by the John Lewis Partnership.

Adrian Horsburgh, Head of In-town Retail Investment at King Sturge, comments: “This is an important deal for Oxford and we are pleased to be involved in helping to reshape the Westgate Centre, advising on leasing and future asset management and development opportunities.”

Tim Hance, Head of In-town Retail Agency, adds: “There is significant retailer demand for well-proportioned units in Oxford. This is a fantastic opportunity to create something very special and desperately needed.” 

For more information please contact:

Adrian Horsburgh, Head of In-town Retail Investment, +44 (0)20 7087 5360
Tim Hance, Head of In-town Retail Agency, +44 (0)20 7087 5599
John Michell, Head of Shopping Centre Management, +44 (0)20 7087 5573
Dee Cornes, PR Consultant for King Sturge retail team: +44 (0) 7760 415527