The Silverburn shopping Centre in Glasgow is up for sale in one of the most startling distressed property sales in the UK today. While we await official confirmation of the sale price and those interested in the property there are rumours that Bank of Scotland has effectively pulled the plug on the operation and decided to cut its losses. Bank of Scotland, part of the HBOS group, supplied the debt for the 350 million shopping centre which opened just two years ago. It is rumoured that the operation may well be for sale at a price of under 250 million which is a startling potential loss over such a short period.
Many experts in the property field will be monitoring this particular sale very carefully to see if there is demand and whether prices have really fallen so dramatically. However, when you bear in mind the performance of the UK property sector and the UK retail sector over the last two years then perhaps a distressed sale should not come as such a surprise. There are fears that many other banks in the UK may well decide to follow the lead of Bank of Scotland and cut their losses on a number of potentially difficult property developments in a “kitchen sink” operation.
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