Development Securities has bought the non-supermarket element of The Killingworth Centre in Newcastle upon Tyne for £19.2m.
The price paid to WM Morrison Supermarkets for the 185,000 sq ft asset reflects a 8.27% yield.
Completed in 2000, The Killingworth Centre is located five miles from Newcastle city centre.
It is fully let with a weighted average unexpired lease term of 5.1 years.
Occupiers include Boots and Poundworld.
Matthew Weiner, director at Development Securities, said: “This high-yielding asset has a stable occupier base and strong footfall, which is driven by the Morrisons foodstore, one of the best-performing stores within its portfolio and which will remain outside our ownership.”
Cushman and Wakefield advised the vendor; Prime Retail represented the buyer.
