In the biggest deal, Middleton Grange at Hartlepool in Cleveland and the Four Seasons Shopping Centre at Mansfield in Nottinghamshire have been sold to Premier Property Group for a combined£138 million. The 550,000 sq ft (51,095 sq m) Middleton Grange centre is anchored by Marks & Spencer, Woolworths and WHSmith, and the sale price reflects a 5.97 per cent initial yield. The 225,000 sq ft (20,900 sq m) Four Seasons Shopping Centre counts Debenhams, Boots, Littlewoods and HMV among its tenants, and the purchase price reflects a 6.39 per cent yield.
In Leeds, the Cross Gates Shopping Centre has been sold to developer Donegall Place for£44 million, reflecting a 6 per cent initial yield. The freehold centre provides 150,000 sq ft (13,935 sq m) of retail space, as well as 21,000 sq ft (1,950 sq m) of office space. Tenants include Boots, Tesco Metro and Woolworths.
The 213,500 sq ft (19,790 sq m) Mercat Shopping Centre at Kirkcaldy in Fife has been acquired by City Site Estates for£38.5 million, reflecting a 6.28 per cent initial yield. Anchor tenants include Woolworths, Bhs, TK Maxx and New Look.
Meanwhile, the 391,500 sq ft (36,370 sq m) St Nicholas Shopping Centre at Sutton in south London has been sold to Golfrate Property for£77.8 million, reflecting a 6.07 per cent initial yield. The three-storey centre dominates Sutton's retail offer, with key tenants tenants including JJB Sports, Allders and Littlewoods.
Orchard Street Investment Management and Jones Lang LaSalle advised GE on the disposals. Cushman & Wakefield advised Premier. McKibbin Commercial acted on behalf of Donegall Place. Atis Real Weatheralls City Site and CBRE represented Golfrate.
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