ISIS sells £25m Shrewsbury shopping centre
ISIS Property has sold Pride Hill shopping centre in Shrewsbury to Dunedin for £25m as the shopping centre merry-go-round continues.
The three-level covered centre measuring 220,000sq ft (20,440sq m) has HMV, New Look and Next as three of the biggest tenants. The net initial yield for the deal is 6.8%.
Chris Bull, head of shopping centres at ISIS, said: 'Over the past 12 months we have doubled the size of the Next store, bought in key tenants HMV and New Look, and have delivered an extensive refurbishment programme.'
Ian Solley, director of Dunedin Property, said: 'The acquisition of this property now brings our prime retail holdings to over 500,000sq ft and by working with the local authority will now enable a major retail development.'
The £25m deal included not just the centre but a high street unit next to it occupied by Past Times and the Riverside Mall extension to Pride Hill.
Other tenants at the scheme are Barratts, Vision Express, F Hinds, Clarks, Clinton Cards and Adams. One of the latest tenants is Peacocks, which has signed for a 9,365sq ft (870sq m) unit for 15 years at £95,000 a year.
ISIS was advised by CB Hillier Parker prior to its merger.
Jones Lang LaSalle acted for Dunedin.