Prime city centre retail space sold in £10.5m deal

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Rockspring Property Investment Managers has acquired 44,000 square feet of retail space in Lancaster in a £10.5m deal.

The investor has bought the accommodation located across Penny Street, Lancaster Gate and St Nicholas Arcades on behalf of Rockspring Hanover Property Unity Trust.

The space is 100 per cent occupied and is leased to retailers including the Arcadia Group, Superdrug, O2 and Poundland.

Bolton-based Gordon Moon Properties agreed the sale.

James Gordon, of Gordon Moon Properties, said the acquisition would allow the firm to continue its expansion in the North West. He said: “By ensuring a mix of high-quality retailers, we have created a valuable asset extending through St Nicholas Arcades and round on to Penny Street, the city’s prime retail parade.

“The sale enables us to focus on new opportunities and continue to develop our portfolio throughout the North West.”

Mischa Davis, Hanover fund manager, added: “The retail assets in Lancaster, when combined with our existing ownership of the adjacent shopping centre, provide an opportunity for us to take a dominant position in the city’s core retail area and increase our asset management options.”