Shopping centre investor buys adjoining mall
Shopping centre specialist Tops has paid£10.4 million to acquire the Gaolgate Place Shopping Centre in Stafford. The 72,000 sq ft (6,690 sq m) two-level mall was refurbished recently and extended, and it forms a natural extension to Tops' existing Guildhall Shopping Centre.

Gaolgate Place provides 12 retail units, including units for Argos, Home Bargains, Iceland, Mk:One, New Look and Specsavers. It generates a rental income of£607,000 a year, which is expected to rise to£667,000 when newly created space becomes lettable.

Since acquiring the Guildhall shopping centre in 2000, Tops has been refurbishing and reconfiguring the scheme, and the new purchase gives it direct access to Stafford's prime shopping pitch.