British Land buys two shopping centres in Slough

British Land has paid£192 million for the freehold of two adjacent shopping centres, which form the retail heart of Slough in Berkshire.

The Queensmere and Observatory centres provide 565,000 sq ft (52,490 sq m) of floorspace. British Land owns the 80,000 sq ft (7,430 sq m) Allders department store that links the two malls.

Together the two schemes comprise 45 per cent of Slough's entire retail floorspace and are the only two covered malls in the town.

Queensmere is anchored by Littlewoods, Allders, Woolworths, New Look and Top Shop. The Observatory boasts Primark, TK Maxx and Argos as tenants. Included in the purchase are two car parks with 1,600 spaces.

The purchase price reflected an equivalent yield of 6.3 per cent. Colliers CRE acted for British Land. DTZ represented the seller.