Doughty Hanson & Co Real Estate has sold Old George Mall in Salisbury, Wiltshire, off-market to Orchard Street Investment Management for just over £80m (€88.3m), a 6% yield.
The shopping centre comprises 137,000 sq ft (12,727 m2) and a 565-space car park.
The real estate investor has made a £20m profit before costs, having acquired Old George Mall in 2009 for £60m.
Since then it has completed new lettings totalling 20% of the lettable area. Tenants include Topshop, Topman, Fat Face Animal, Costa Coffee, Hotel Chocolat and Boston Tea Party.
Julian Gabriel, head of Doughty Hanson & Co Real Estate, said: “We have successfully repositioned the tenant line-up at Old George Mall by signing new leases with high-quality fashion retailers and other top-quality high street brands. Old George Mall is now well positioned to provide an attractive shopping offer going forwards.”
Gary Felce, chief investment officer at Orchard Street Investment Management, said: “This is a premier shopping scheme in an important cathedral city that has shown resilience to the downturn. It combines the benefit of secure income, with reversionary potential, from good anchor tenants with some interesting asset management opportunities and is well positioned to attract additional leading fashion brands.”
Savills advised Orchard Street Investment Management.
