Standard Life has sold The Swan Centre in Kidderminster to Charterhouse Property Investments and Ashcroft Estates for £10m reflecting a 10% yield.
The Swan Centre, which forms part of the main retail centre in the town, provides about 9,850 sq m (106,000 sq ft) and was built in 1968 and has 120 parking spaces. Waitrose anchors the scheme and other tenants include Boots the Chemist and Argos.
According to Hillier Parker’s James Bryer, agent for the purchasers, Charterhouse and Ashcroft intend to upgrade the centre. Bryer said the new owners are looking at ways to improve the retail environment of the centre. Options under consideration include further enclosure of the malls to improve pedestrian flow.
Allied London had put the centre under offer as part of a portfolio which included the 13,656 sq m (147,000 sq ft) Sovereign Centre in Boscombe and the 11,241 sq m (121,000 sq ft) Market Walk, Newton Abbot.
Healey & Baker acted for Standard Life.
EGi News 05/12/97
