Green & Partners achieve 21% above market valuation for Palace Capital’s disposal of their retail and leisure asset on Above Bar Street, Southampton
At the end of 2022, Palace Capital disposed of three properties in the south of England. Our Investment Team achieved a price 21% above their market valuation for their retail and leisure asset in Southampton. The two other assets that Palace Capital disposed of, which Green & Partners were not instructed on, achieved lower than or at market valuation.
In October 2022, we launched 127 Above Bar St & 1-8 Civic Centre Rd for sale to the investment market; a freehold, retail and leisure investment opportunity of over 52,000 sq ft in the cultural quarter of one of the UK’s primary commercial centres. Green & Partners have worked in Southampton and on Above Bar Street since the business was founded over 30 years ago and we recognised that this was a rare opportunity to purchase a landmark property. The Investment Team distributed professional marketing literature to their unique network of investment agents and purchasers with quick interest shown from a variety of private investors, private family trusts, small property companies and developers in the retail, leisure and mixed-use sectors. Following two rounds of competitive bids in which over ten offers were received, a final offer was accepted and the sale completed to a private investor at in early December at £3.75million.
Patrick Over, Partner on the Investment Team at Green & Partners, said “The property on Above Bar Street was originally the city’s main cinema having opened in 1935 and over the years, had been redeveloped several times before being turned into the mixed retail and leisure venue it is today. As its history over nearly 90 years shows, this site will always appeal to the local catchment due to its location, and the current property has adapted well to the changes in consumer behaviour when it comes to leisure and retail over that period. Our local knowledge and strategic approach meant we achieved a result for Palace Capital - a new client for us - that was well above the market valuation.”
Palace Capital’s disposals were reported in the business media as seen here - The Business Magazine.
To discuss your retail investment property portfolio requirements, contact David Freeman, Ed Emith, Patrick Over and Will Civil