Evolve Estates has purchased the freehold interest in Totton Shopping Centre, Hampshire from clients of CBRE Global Investors for £4.86, reflecting a net initial yield of 8.7%.
The 40,000 sq ft (3,716 sq m) scheme comprises 23 retail units let to a mixture of local retailers and national chains including 99p stores, Costa Coffee, Greggs, Card Factory, Natwest and Barclays.
Sebastian MacDonald-Hall, Partner at Evolve Estates, comments: “We see great opportunity here to let the empty units and improve the tenant mix, thereby upping the attraction of the centre and increasing footfall. We are currently in discussion with the local stakeholder, including the Council, and we look forward to regenerating the site.”
Savills advised Evolve Estates and Colliers advised CBRE Global Investors.
