Solihull shopping centre sold for £16m

THE Parkgate shopping centre in Shirley has been sold for £16m.

Leeds-based Moorgarth Group has bought the development from Shirley Advance, a joint venture between Helical Retail and Coltham Developments.

The 195,000 sq ft scheme on Stratford Road, Shirley, opened in 2014. The development was fully let in March, when it was put up for sale. Asda is the major tenant on the site, which also has Pizza Express, Poundland, Wetherspoon and Peacocks.

Tim Vaughan, chief executive of Moorgarth, said: “It’s another great acquisition for us with good long term income yet with plenty of medium term opportunity to enhance the scheme still further.”