Wigmore Retail buys Southport shopping centre

Wigmore Retail, a newly formed joint venture between London & Lothian Group and Mountain Capital, has bought Marble Place Shopping Centre, Southport, Merseyside for £16.9m, an initial yield of 5.93%. The 55,695 sq ft freehold property was bought from a UK fund and has an annual income in the region of £1m, with prime rates equating to £110 per sq ft. The centre is anchored by TK Maxx with additional tenants including Body Shop, New Look, Bay Trading and Savers.  Wigmore Retail was advised by Savills with the seller represented by Churston Heard.