Orchard Street Investment Management is under offer to buy the Royals shopping centre in Essex for £31m.

The investment manager has emerged as the latest potential buyer for the 279,000 sq ft shopping centre in Southend after previous negotiations with Catalyst Capital fell through.

Warner Estate is selling the shopping centre which includes retailers Boots, Primark and Debenhams and a new H&M store opening in spring this year.

The deal, if it exchanges, will reflect a net initial yield of around 9%.

Orchard Street also recently completed its 100,000 sq ft Belvedere office block in Manchester.

The £41.5m development at Booth Street is the most centrally located office development to be completed in the city in the last 12 months.

WHR and Jones Lang LaSalle are letting agents on Belvedere and are quoting rents of £28.50/sq ft.

DTZ is advising on the sale of Warner's Southend mall.