Bristol's Broadwalk sold

The joint venture between Highcross Group and Lehman Brothers has sold the Broadwalk Shopping Centre in Bristol to the HSBC Shopping Centre Fund III for£22 million, reflecting a net initial yield of 6.2 per cent. The 180,000 sq ft (16,720 sq m), 40-unit shopping centre is anchored by Somerfield, Iceland and Gala Leisure. Highcross managing director Peter Gubb said: 'We have added substantial value to the property since it was purchased in March 2003.' Hark Retail advised the vendor. DTZ Debenham Tie Lung acted for the purchaser.