NewRiver has paid £20.2m for Grays Shopping Centre in Essex, and has unveiled plans to add a hotel, flats, gym, and supermarket to the scheme.
The centre is a community shopping centre with 177,300 sq ft of retail space and a 32,000 sq ft office building with permitted development rights for residential conversion, on a 4.7-acre site located in the centre of the town. The acquisition price represents a net initial yield of 9.4% on the shopping centre element and a capital value across the whole site of just £40 / sq ft.
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