Bolton’s Gordon Moon Properties completes landmark deal with Rockspring Property Investment Managers for the sale of Grade A retail space in Lancaster.
Gordon Moon Properties has agreed a sale of £11million for 100% occupied, prime retail accommodation located across Penny Street and Lancaster Gate, at the heart of the town centre.
Rockspring Property Investment Managers (“Rockspring”) have acquired the premises on behalf of Rockspring Hanover Property Unity Trust (“Hanover”). Comprising a total of approx. 44,000 sq ft, and leased to high quality retailers including Arcadia Group, Superdrug, O2 and Poundland, the sale is a clear sign of the company’s intentions to maximise growth through the ongoing review, acquisition and disposal of assets.
James Gordon, Director at Gordon Moon Properties, said: “By ensuring a vibrant mix of quality retailers, we have developed a valuable asset which extends St. Nicholas Arcade directly onto the main retail parade. The sale enables us to focus on new opportunities and continue to develop our diverse portfolio throughout the North West.”
Mischa Davis, Hanover Fund Manager, said: “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 town’s core retail area and increase our asset management options.”
Gordon Moon Properties were advised by CBRE.