Princess House sold for £9.6m
Princess House in Shrewsbury has been acquired by Rockspring Property Investment Managers in a £9.6m deal.
Rockspring said the deal with New River Retail reflected a net initial yield of 7.2 per cent. The 67,000 sq ft retail block with office space overlooks the town's market square and Rockspring said tenants include national operators such as Coats Viyella, HSBC and Starbucks, as well as a number of local traders.
The property investment company also concluded deals totalling £10m in Yorkshire and the South West.
Rockspring associate partner Michael Pryer said: "These transactions are a continuation of the fund’s strategic investment policy of actively recycling capital, following the successful execution of business plans, and re-investing into strong retail centres where there are opportunities over the short to medium term.
"We expect to execute asset management programmes on both new properties, which will deliver well configured retail units to satisfy the current demand of profitable and growing retailers, thereby maximising rental income."
