Coventry neighbourhood shopping centre sold

A neighbourhood shopping centre just a few miles from Coventry City Centre has been bought for £1.675 million.

SP+M, which has offices in Coventry and Birmingham, acted on behalf of a private client of Askew Hawkins to acquire the Ernesford Grange Neighbourhood Shopping Centre in Quorn Way, Binley.

It was bought from New Wood Securities Ltd with units currently let to major national retailers including Tesco Express, Boots, Domino’s Pizza and Ladbrokes, along with other local operators. There is also an office unit as well as some residential. Allsop and Franck-Steier Price acted for the vendor.

Jonathan Moore, SP+M’s investment agency director, said: “This is a very good retail centre, which is reflected by the fact that such major retailers have units here.

“There was several hundred thousand pounds invested in the centre just a few years ago and that has really breathed new life into it and made it a pull for operators and, also, made it an attractive purchase.

“Our client is very satisfied that they have a strong long-term investment because of the quality of retailers already here and the level of footfall it enjoys.

“There could be opportunities for other occupiers in the next few months and the new owners look forward to continuing the success of the centre.”