Gloucester Quays, the first outlet centre to be built in a city centre, which opened in 2009 in the last major recession, is on the market.
The outlet centre is owned and managed by Peel L&P, which has 12 million sq ft of property in its portfolio, most of which is concentrated in the north west of England, but it also owns and manages assets throughout the UK with a total portfolio value of £2.6 billion.
Stephen Wild, Executive Director for Peel L&P said: “Gloucester Quays is a well-established place with an exceptionally diverse retail and leisure offering. We are currently looking for an investor to come on board and help take the centre to the next stage of its journey as a premier-choice, place-led destination in Gloucester.
“Like any other retail and leisure offering in the UK, Gloucester Quays has faced challenges as a result of the pandemic and ensuing lockdowns, but it has weathered the storm well due to the quality and vibrancy of its customer proposition. The centre is trading well and since re-opening in April, has reported a 54 per cent increase in average spend compared to 2019 figures.”
Gloucester Quays first opened as the UK was beginning to emerge from the global financial crisis. Opening with just 40 stores, it took a few years to become established. However, the development, by Peel, was a major driver of the city’s regeneration and is now as established part of the city landscape.
The outlet centre now has 73 retail units, a strong line up of restaurants and bars including Wagamama, Bills, and Cote, a health and fitness centre, multiplex cinema and further investment and development planned, including Orchard Square event area.
It has a population of 2,870,000 within a 60-minute driving time of the centre.