Gloucester Quays to go on the market
By Sarah Wood | 2nd November 2023
Peel Lifestyle Outlets, the owner of Gloucester Quays, is preparing to put the centre back on the market.
The news was reported by React News and a source confirmed to Punchline-Gloucester.com that the sale will be going ahead.
Cushman & Wakefield commercial estate agents is reported to have secured the instruction, rumoured to be around the £85m mark.
It's not the first time Gloucester Quays has been on the market. The centre was put up for sale in 2021, with a £105 million price tag.
The latest financial information on Companies House on Peel Outlets (Gloucester) Ltd for the year to March 31, 2023, shows the company made an operating loss of £5,395,060, compared to a loss of £2,327,611 the previous year.
Despite this, the report states that parent company, Peel L&P Outlets Group Limited will: "continue to provide the necessary level of support to enable the company to continue to operate for the 12 months from signing the financial statements."
It continued: "the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the 12 months from signing the financial statements."
Gloucester Quays first opened in 2009 at Gloucester Docks, with an investment of £248m, which was the catalyst for major regeneration of the city. The outlet centre is home to brands such as AllSaints, Adidas, Crew Clothing, Fatface, Jack Wills, Joules, Marks & Spencer, ProCook and Ted Bakers, to name a few.
In 2013, Cineworld opened at the Quays as part of a further £60m investment, which also brought more restaurants to the development. It currently offers a range of restaurants including Zizzi, Nando's, Pizza Express, Five Guys, TGI Friday's, Bill's, Cote Brasserie, Portivo Lounge and new Turkish restaurant, Anatolian Palace.
The Quays also hosts popular events throughout the year, including winter markets, an outdoor ice rink for the Christmas season, an annual free food festival and the monthly Orchard Street food and craft market.
A number of new shops have opened at Gloucester Quays recently, including Puma and Next Outlet, which made its return to the centre earlier this year. Last month saw the opening of Roller Express, the UK's only roller disco in a shopping centre, tween favourite Claires, and two seasonal pop-up shops - Calendar Club and Berrey's Pick 'n' Mix. It has also opened a mobile phone concession in the aisle at the centre.
Punchline-Gloucester.com said: "The Quays is the jewel in the crown of Gloucester. Peel invested in the centre and the city, and really believed in it. Since the development of Gloucester Quays, we've seen improvement to the wider Docks and Southgate Street, in an area that used to be a derelict ghost town.
"Unsurprisingly, since the pandemic, it seems to have lost its way slightly. Losing big brands like Gap, Calvin Klein and Nike was a blow. It may be the right time for Peel to sell and a new investor to come in to drive it forward and bring the bigger brands back and not lose the quality brands that are already there."
Punchline-Gloucester.com has approached Cushman & Wakefield for comment.
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