The centre offers 130,000 sq ft of retail and ancillary accommodation, together with a surface car park providing 820 spaces, a petrol station and six residential flats. It is anchored by Tesco with Boots, Peacocks and Barclays among the retailers occupying 31 retail units.
“This is a good, solid investment and we were pleased to secure competitive bids to purchase the centre. It is well-let, popular with the local community and anchored by a good Tesco supermarket” says GCW director David Gooch.
The shopping centre, built in the 1970s, has lagged behind steady improvements made to the surrounding area and despite several proposals to upgrade the centre none have yet come to fruition. The sale to Tyburn Lane Private Equity and Vale Retail with funding from Pramerica Real Estate Investors includes planning consent for a 35,000 sq ft extension with a pre-let to Poundland.
GCW and Strutt & Parker acted for the vendors and Time Retail Partners for the purchaser.