A private Irish investor has paid Catalyst Capital £43.2 million for the Green Lanes Shopping Centre in Barnstaple, Devon, reflecting a net initial yield of 5.8 per cent and an equivalent yield of 6.35 per cent.
The 125,000 sq ft (11,613 sq m) centre is anchored by Bhs and Woolworths, and features a further 40 retail units. Other tenants include Top Shop, Mothercare, New Look, JJB Sports and Burton. The scheme also has a 476-space multi-storey car park.
Lunson Mitchenall and Chapman Petrie advised the vendor. Lunson Mitchenall head of investment John Griffin said: 'Well-established and solid investments such as Green Lanes are particularly attractive because there is a huge shortage of quality stock in the market.'
BTW Shiells acted on behalf of the purchaser.
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