David Lockhart’s NewRiver Retail has bought the Deeping Centre, a district shopping centre in Market Deeping, near Peterborough for £5.5m – a 6.98% yield.
The centre was sold by Westgate Properties Anglia, part of the Anglia Regional Co-operative Society.
It is anchored by a 27,000 sq ft Co-operative food store and petrol station on which the Co-op has signed a new 20-year lease. Eleven other shops and a 275-space car park make up the rest of the investment.
NewRiver has also bought an adjoining strategic vacant site at one of the entrances to The Deeping Centre for £275,000.
Allan Lockhart, director of NewRiver Capital , the wholly-owned subsidiary and property manager, and adviser to NewRiver Retail, said: “Located in an affluent catchment area, The Deeping Centre benefits from strong footfall generated by the Co-operative food store.
“In addition there are opportunities to upgrade and develop the retail offering, both within The Deeping Centre and the adjacent vacant land, by increasing the retailing provision and improving the tenant mix and overall quality of the shopping experience. The investment is an opportunistic acquisition that fits exactly with our stated active asset management strategy.“
samantha.mcclary@estatesgazette.com
