Colchester shopping centre changes hands
Green & Partners, acting on behalf of M&G Real Estate, has sold Culver Square Shopping Centre in Colchester, Essex, to a private investor.
Completely Retail News understands that the asset was sold for less than the asking price of £11,490,000.
Located within the city’s prime retailing core, the scheme comprises 281,223 sq ft of accommodation and is anchored by H&M and Tk Maxx.
Other retailers at the scheme include Fraser Hart, Greggs, Monsoon, HMV, Schuh, Pandora, Søstrene Grene, Hotel Chocolat, Starbucks, Clarks, Skechers, Flying Tiger, Ann Summers, and Ernest Jones.
The scheme has a weighted average unexpired lease term of 5.1 years to expiry, and generates a gross income of over £2.1 million per annum.
The centre also presents a number of asset management opportunities, including the repurposing of the three-storey, 132,000 sq ft former Debenhams unit.
Nearby retailers in the area include Boots, Five Guys, JD Sports, Tesco, Fenwick, River Island, WHSmith, and Primark.
Lewis & Partners acted for the purchaser.