Queen Street Shopping Centre changes hands for £28.6 million
Property Company Halladale and Anglo Irish UK Property Fund have bought the Queen Street Shopping Centre at Darlington in County Durham from St Martins Property Investment for£28.6 million. The price reflects a net initial yield of 5.57 per cent.
Queen Street, the principal mall at Darlington, measures 75,000 sq ft (6,970 sq m) and comprises 31 retail units in an enclosed centre. Anchors include River Island, Next, Dixons and Superdrug on leases with between five and 10 years remaining.
The site is adjacent to a proposed 260,000 sq ft (24,155 sq m) shopping centre. Halladale chief executive David Lockhart said: 'We look forward to the opportunity of co-operating with the local council in the planned redevelopment of the town centre.'
Jackson Criss acted for Halladale. St Martins was advised by Churston Heard.
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