Dunedin Property is working on plans for a major retail scheme in Shrewsbury, Shropshire, following its£25 million purchase of 220,000 sq ft (20,440 sq m) of town centre retail space from Isis Property.
The sale included the Pride Hill Shopping Centre, together with an adjoining high street retail unit and the Riverside Mall. The sale price reflected an initial yield of 6.8 per cent.
In February 2001, Dunedin bought Shrewsbury's other covered mall, the Darwin centre, from Delancey as part of a£120 million portfolio deal.
Dunedin Director Ian Solley said: 'The acquisition of this property brings our prime retail holdings in Shrewsbury to more than 500,000 sq ft (46,450 sq m), and working with the local authority will enable a major retail development to support this prosperous town.'
The Pride Hill Shopping Centre is a three-level scheme, developed in the late 1980s and anchored by HMV, New Look and Next. Other tenants include Barratts, Vision Express, F Hinds, Clarks, Clinton Cards and Adams.
The most recent letting by Isis was a 9,365 sq ft (870 sq m) unit at Pride Hill's Gallery Level to Peacocks on a 15-year lease at£95,000 a year.
In addition to the Riverside Mall extension to the Pride Hill shopping centre - which is anchored by Wilkinsons, TJ Hughes and Somerfield - the Isis sale also included a high street retail unit at 4 Pride Hill, let to Past Times.
Shrewsbury & Atcham council has been working on conceptual plans to extend both the Pride Hill and Darwin Centres onto the council-owned Raven Meadows site, which could see the creation of an additional 250,000 sq ft (23,230 sq m) of retail space.
The extension plans also include a new department store, as well as civic facilities and a theatre.
No comments yet