Halladale Group has sold its Market Gates shopping centre in Great Yarmouth, Norfolk for £33.31m – a 5.35% initial yield.
The 153,000 sq ft shopping centre has been bought by Miller Developments and Centenary Investments.
Halladale bought the centre in April 2004, with its co-investment partner Anglo Irish UK Property Fund.
Market Gates is the principal shopping centre in Great Yarmouth with 39 retail tenants including Boots, Wilkinsons, Mothercare, Iceland and New Look.
Halladale chief executive David Lockhart said:
“Market Gates has been a highly rewarding project for the group.
“We have substantially completed our asset management strategy and have also taken advantage of the continuing strong demand for retail grade investment assets.”
Blair Kirkman acted for Halladale; Kitchen La Frenais advised Miller Developments and Centenary Investments.
References: EGi News 03/01/06
