The end of the fund which owns the 39,018 sq.metres Overgate Shopping Centre has resulted in Lend Lease putting it on the market through Jones Lang LaSalle for around £130 million, a yield of 7.25%. JLL’s David Raven said: “Overgate has been credited with helping Dundee to climb Scotland’s retail rankings from eighth to fourth and it has achieved sales growth in every month for the past 15 months.” The Lend Lease Overgate Partnership comprises Lend Lease, Barclays Property Investment, the BG Group pension fund, Equitable Life, Aviva investors and NFU Mutual. JLL is also handling the sale of three former sites owned by Dundee College which is concentrating its activities onto two sites. The college has prepared a planning brief for the 9.47 acres sites with Dundee City Council. They are in Constitution Road, Graham Street and Melrose Terrace. “Each of these sites offers a significant opportunity for any potential developer,” said Nina Stobie of JLL.
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