The Eastgate Shopping Centre in central Inverness, the largest retail complex in the Highlands, has been placed on the market with a guide price of £18.5m, estate agent Knight Frank has confirmed.
Significant fall in value
The asking price represents a marked fall from the sum paid when the centre last changed hands in 2015. Harbert Fund Management and Scoop Asset Management acquired Eastgate through a joint venture for £116m, meaning the current guide price is around £97.5m lower than that earlier transaction.
Retail property specialists say the sharp reduction mirrors a broader market recalibration for traditional shopping centres across the UK, driven by the expansion of online retailing and the disappearance of department-store anchors.
"It's a big reduction in Eastgate's value, but it reflects a much wider repricing of traditional retail property following the growth of online shopping, changing occupier demand, and the loss of department-store anchors such as Debenhams,"
The comments were made by Prof Cathy Parker of Manchester Metropolitan University, who sits on the UK Government's high streets taskforce. She emphasised that the question for Inverness was not simply how to restore Eastgate to its former retail model, but whether any prospective buyer could collaborate with the council, local traders and communities to find a viable new role for the complex.
Business as usual for occupiers — for now
The current asset managers described Eastgate as "an attractive opportunity for investors" and said the centre would continue to operate normally during the sale process. Mark Hewett, representing the owners, said the site retained a strong position in its catchment area and played a significant role in the local community.
- Guide price: £18.5m
- 2015 purchase price: £116m
- Reduction in value since 2015: £97.5m
Local impacts and future questions
Eastgate has been integral to Inverness's retail landscape since it opened in 1983, with a major extension at Falcon Square following two decades later. The centre, which once benefited from the footfall provided by department-store anchors, faced an additional blow when Debenhams closed during the Covid pandemic.
For Inverness residents and businesses, the sale raises immediate and longer-term issues:
- What plans will a new owner have for retail, leisure or alternative uses in the city centre?
- How might redevelopment affect existing tenants, local jobs and small businesses that rely on centre footfall?
- Can the council, community groups and potential investors agree a vision that sustains the centre's role in the local economy?
| Year | Transaction / Event | Value |
|---|---|---|
| 1983 | Eastgate first opened | — |
| c.2003 | Major extension at Falcon Square | — |
| 2015 | Purchased by Harbert Fund Management & Scoop Asset Management | £116m |
| 2026 | Placed on market with guide price | £18.5m |
Prof Parker warned that the drop in headline value should not be read as evidence of decline across Inverness as a city. "It doesn't mean Inverness is declining — just adapting," she said, pointing to the need for creative, partnership-driven approaches to repurposing high-street real estate.
Local traders, community organisations and Highland Council will be watching closely as the marketing process proceeds. Any buyer's proposals for redevelopment or repurposing will be pivotal in determining whether Eastgate continues as a retail hub, becomes a mixed-use destination, or takes on another function to meet evolving civic needs.
In the short term, managers have reiterated their commitment to occupiers and staff while the centre is marketed, but the outcome of the sale will shape Inverness city centre's retail and social fabric for years to come.
