Boultbee buys Cannock Centre for £22m

Catalyst Capital has sold the Cannock Shopping Centre in Staffordshire to Boultbee Land for£22.3 million, reflecting a net initial yield of 6.35 per cent.

Totalling 97,455 sq ft (9,055 sq m) of covered and uncovered retailing, the mall is anchored by Argos, In Shops and BeWise. Other tenants include Birthdays, JD Sports, Evans and Burton.

More than 70 per cent of the floorspace is let to national multiples, and it is served by a 500-space multi-storey car park, with direct access to the mall.

Lunson Mitchenall and Chapman Petrie advised the vendor. Michael Elliott acted for the purchaser.

Lunson Mitchenall head of investment John Griffin said: 'The retail sector and particularly the shopping centre market is a particularly strong area to invest in. Generally, the occupational market is still strong and, in this market, there is a definite shortage of stock rather than buyers.'