Praxis has completed the purchase of two properties in the North West for £7m.
Praxis has acquired St John’s shopping centre in Preston, Lancashire, from Land Securities for £4m – a 13.5% yield. The mall comprises 23 shops totalling 70,000 sq ft and is adjacent to the newly Grade II listed Preston bus station.
The latest shopping centre acquisition increases the number of shopping centres that Praxis owns across the UK to seven.
In Crewe, Cheshire, Praxis has acquired the 31,500 sq ft Millennium Gate II office building on Crewe business park, which is fully let to Air Products. Praxis bought the building from Knight Frank, acting as LPA receivers to Kings Properties, for £2.7m – a 14.9% yield – equating to £82 per sq ft.
Praxis has acquired more than £400m of real estate since 2009.
annabel.dixon@estatesgazette.com
