Tops Estates, the shopping and leisure centres investor, has bought a 72,000 sq ft shopping centre in Stafford.
The company already owns the Guildhall Shopping Centre in the town.
The company paid £10.4m for the centre, presently known as Gaolgate Place Shopping Centre. The scheme comprises 12 shops, including Argos, Home Bargains, Iceland, MK One, New Look and Specsavers.
The centre provides a rental income of £607,000 a year, which Tops expects to increase to £667,000 when newly created space becomes available in the near future.
Chairman Everard Goodman said: “During 2004, disposals took place that generated £8.4m from fully developed shopping investments at Basildon, Kensington High Street and Shrewsbury.
“The proceeds were well above the original purchase prices and book values and will be reinvested in covered town centre shopping centres with better prospects for growth.”
References: EGi News 12/01/05
