Landsec has sold off the West 12 Shopping Centre in Shepherd's Bush in west London for just under £60 million, according to sources familiar with the process, putting an end to its plans for a £340 million residential development there.
Purchaser West 12 Investments, a private investment vehicle, has appointed Tandem Property Asset Management and Holmes Property Partners to provide property and asset management services. The site has 300,000 square feet of retail and leisure accommodation and includes a 128-room Ibis hotel and a 12-screen Vue Cinema.
The centre, which has an annual net rental income close to £4 million, is let to occupiers including Sainsbury's and Lidl which act as a local convenience offer next to the neighbouring Westfield London mega-mall.
In 2021 Landsec said it was exploring options for redeveloping the site, which it bought in 2005, in response to the opening of Westfield and other major changes in the area, such as the redevelopment of the BBC's Television Centre as residential.
It worked up plans to redevelop half of the site with 700 homes in a £340 million project.
Landsec has made no secret of its interest in buying major shopping centres in recent times, describing "prime catchment, dominant retail assets" as one its preferred areas for acquisition.
West 12 Investments was advised by Savills. Knight Frank advised Landsec.