Eastgate Shopping Centre
53 leasing transactions completed since acquisition
The principal gateway to the Scottish Highlands, Inverness has the largest geographical shopping catchment area in Europe. As such, the Eastgate Centre represents one of the most dominant shopping centres in the UK. The 410,000 sq ft Centre comprises 80 shops and leisure units, with occupiers including Boots, Next, Waterstones, Superdry and H&M, two car parks with 1,350 spaces and an adjacent Marks & Spencer. The Centre has an annual footfall of c. 8 million people.
In August 2015, Scoop, in partnership with Harbert European Real Estate Fund (HEREF), acquired the heritable interest in the scheme from BMO Real Estate Partners. Scoop identified the investment opportunity, undertook pre-purchase commercial due diligence, identified suitable senior debt lenders and produced a detailed financial model and business plan for the asset.
Since purchase, Scoop has successfully concluded 23 new lettings to tenants including: FatFace, Joules, The Entertainer, Hotel Chocolat, RBS and Yours, in addition to 30 lease renewals or re-gears. Significant upgrade works to one of the car parks has been overseen by Scoop and four new restaurant units have been created. Forthcoming projects will include the refurbishment and reconfiguration of the Food Court.