Development Securities pays £13.9 million for Kent mall
Development Securities has paid£13.9 million for the 84,000 sq ft (7,805 sq m) Swanley shopping centre in Kent.

Situated next to an Asda food store, the centre forms Swanley's principal retail area. It is a low-density courtyard scheme, with ground-floor retail units and ancillary office and residential uses above. Tenants include, among others, Somerfield, Boots the Chemists and Superdrug. The purchase price reflects an initial yield of 6.5 per cent, with several rent reviews and lease renewals outstanding.

Development Securities investment director Matthew Weiner explained that convenience retailing was becoming a new focus for the company's investment activities. He said: 'Swanley offers all of the criteria we look for in this asset class: a major footfall driver in the adjoining food store, low Zone A rates, an expanding population within the catchment area, and a stable income return and added value opportunities.'

Weiner will also be working with Sevenoaks District Council to explore opportunities to improve the scheme through reconfiguration, extensions and additional upper storey development for retail and residential use.