Tops Estates has paid £20m cash to MEPC for the freehold of Lychgate Shopping Centre in Worcester.
The deal also includes the purchase of a long leasehold parade. Net rents from the 27,870 sq m (300,000 sq ft) scheme total £1.6m.
Tops plans a major refurbishment of the scheme, which was originally built in 1968.
Adam Cohen, director at Tops Estates commented: “We are confident that the Lychgate Centre will become a fashion and lifestyle centre following the combination of reconfiguration, extension, upgrading of facilities and improvement in tenant mix.”
Adjacent to the rear of the centre, Warner Village is building a 7-screen cinema, alongside ancillary restaurants.
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