Rockspring Property Investment Managers on behalf of its Rockspring UK Value 2 fund has bought Clayton Square shopping centre in Liverpool from Infrared Capital Partners. The £38.4m purchase price reflects a net initial yield of 6.25 per cent.
Located in Central Liverpool close to Church Street and Liverpool One and opposite St Johns shopping centre, the 140,193-sq ft scheme includes 17 mainly outward-facing units but including one covered mall, one restaurant and a gym. The asset has recently undergone an extensive refurbishment and repositioning by InfraRed Capital Partners and is currently 95 per cent let to national retailers including one of the largest Boots stores in the UK, Vision Express, Maplin, Clas Ohlson, Peacocks, Wildwood, Costa and easyGym.
Richard Bains, Rockspring partner and fund manager of the UK Value series, said: “The acquisition of Clayton Square in Liverpool’s thriving city centre compliments the other retail assets within our portfolio and is in line with the fund’s core plus risk profile. The repositioning of this asset has firmly re-established it as a prime retail asset within Liverpool allowing for rental growth moving forwards as well as potential to add value through further asset management initiatives.”
KLM represented Rockspring and Strutt & Parker acted on behalf of Infrared.