Colchester shopping centre placed on the market with £11.5m price tag
A shopping centre in Colchester, Essex, has been placed on the market with a price tag of £11,490,000, reflecting a net initial yield of 10%.
Located within the city’s prime retailing core, Culver Square Shopping Centre 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 5.11 years to expiry, and generates a gross income of £2,145,093 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.
Green & Partners has been appointed to market the property.