The Agora Shopping Centre Fund - managed by Warner Estate and Royal Bank of Scotland - has bought its seventh mall in the Northwest of England. The Pyramids Shopping Centre in Birkenhead was purchased from the Dunedin Property Retail Fund for£41.8 million, and plans are in place to spend a further£8 million refurbishing the centre.
The Pyramids is Birkenhead's premier indoor shopping centre. The two-storey mall, developed in 1989, comprises 143,000 sq ft (13,285 sq m) of retail space, with a 750-space multi-storey car park.
It is anchored by Next, River Island and Etam, with Marks & Spencer next door.
The net rental income is£3.1 million a year, representing a net initial yield of 6.92 per cent on the purchase price. This is expected to rise to 7.31 per cent by December 2004, on completion of rent reviews.
Warner Estate property director Richard Moore said: 'The Pyramids Shopping Centre is the seventh major shopping centre for Agora. Our Northwest centre portfolio has achieved significant scale.'
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