Property news - Larrik buys Bear Lanes

Larrik Property has bought the Bear Lanes shopping centre in Newtown, Powys, from Waterbridge for£5.5 million, reflecting a net initial yield of 7.12 per cent. It is the third centre acquisition for Larrik within the past year, after purchases in Thetford and Consett. Tenants at the 49,000 sq ft (4,550 sq m) 20-unit scheme include Laura Ashley, WHSmith and Clarks, producing a total rent of£430,885 a year. Larrik Property director Mark Robinson said: 'These transactions continue our focus on large town centre holdings where substantial value can be added through active management, refurbishment or redevelopment.'