Lancaster shopping centre sold for £22m

NEWLY-formed property investment company, the Roubaix Group, has acquired a Lancaster shopping centre for £22m.

It has bought the Market Gate centre from Allied (Lancaster) in an off-market deal.

The deal represents a yield of around 7%.

The 135,000 sq ft shopping centre has tenants such as New Look, WH Smith, Waterstones, Caffe Nero and Morrisons M Local. In addition, Primark is moving into a 50,000 sq ft adapted in door market at Market Gate.

Chris Beckerman, Roubaix’s managing director, said: “I am delighted to be able to announce my first deal since founding Roubaix Group and to have strong support from financial partner, Chenavari Investment Managers.  

“The forthcoming arrival of Primark will be transformational for Market Gate and provides a springboard for further improvements to the Centre that will release untapped value.”

Roubaix Group was unrepresented and the vendor was advised by Coady Supple.