Orchard Street buys Shopping Centre for £33 million Orchard Street Investment Management LLP, the specialist commercial property investment manager, has exchanged contracts to acquire the long leasehold interest in Three Spires Shopping Centre in Lichfield, just north of Birmingham, for a pension fund client, for £33 million, reflecting a yield of 7%. Completion is subject to the Freeholder’s consent. The transaction is a sub sale from the St Martins’ portfolio recently acquired by Hammerson plc.
The 180,000 sq. ft. open, pedestrianised, shopping centre, the prime retail pitch in Lichfield, has 48 units on a single level. Tenants include TJ Hughes, Marks & Spencer (Simply Food), WH Smith, Superdrug and Argos.
Knight Frank advised Orchard Street on the acquisition and CBRE advised the vendor.
Commenting on the acquisition, John Humberstone, Partner at Orchard Street Investment Management, said:
“This centre is the prime shopping pitch in a cathedral city, with a prosperous catchment area and it has some interesting asset management opportunities. We are confident that it will achieve sustainable growth over the coming years.”