Private investor swoops for Shrewsbury multi-let building in £12.4m deal

Addington Capital has sold Princess House in Shrewsbury for £12.4m to private investor clients of Knight Frank.

The property comprises retail and leisure let to tenants including JoJo Maman Bebe, Patisserie Valerie, Starbucks and Cote.
The upper floor offices are well let to government and local council agencies, including Shropshire CommunityHealth NHS Trust and the Ministry of Defence.

Addington was advised by KLM Retail.

Alex Wagstaff, partner at Addington Capital, said: “During our period of ownership we have improved the tenant mix with the letting to Cote and re-geared a number of leases to provide a platform for growth for the next owner. The retail market continues to provide active management opportunities and we will continue to target the sector.”

Rob Dales, partner at KLM Retail, added: “Prime multi-let properties in right-sized affluent towns continue to experience strong investor demand due to more robust market conditions.”