Southampton shopping centre snapped up for £10m
Tri7 has acquired the Portswood Shopping Centre in Southampton for c.£10m from its previous owner, Portswood Centre Ltd.
The 28,315 sq ft asset is located north of Southampton City Centre and is a short distance from St Denys train station and the University of Southampton’s Highfield Campus. Extending over two acres, the scheme is fully let to 10 tenants including Iceland, Pizza Hut, and The Broadway Pub.
The acquisition adds to Tri7’s portfolio of retail-led developments, which includes Leeds‘ The Core Shopping Centre and Mecca Bingo in Haringey, London.
Samuel Castle, partner at Tri7, said: “The Portswood Shopping Centre offers the exact type of opportunity on which we thrive: an income-producing scheme that benefits from long-term development potential. As we continue to enact our city centre regeneration project acquisition strategy, we have our eyes on a number of sites across the UK and are confident that, for an opportunistic investor and an asset manager with an innate understanding of how to unlock value, there are a host of opportunities to be pursued while much of the rest of the industry adjusts to wider economic conditions.”