A shopping centre in Preston has been sold for £4m.
Praxis (Holdings) Limited has acquired the St John’s Shopping Centre in Preston from Land Securities Plc.
The Centre comprises 23 retail units totalling 70,000 sq ft and is located immediately adjacent to the newly Grade II listed Preston Bus Station.
Jack Burgess, investment manager at Praxis, said: “There is a general over supply of retail in Preston but St John’s benefits uniquely from its proximity to the bus station with 50,000 passengers passing through daily.
“Now that the Bus Station is listed, the location is never going away.
“The footfall is tremendous and rebased rents of £20 ITZA make it very affordable for retailers.
“Our management team will transform the asset over the next 12 months.”
This latest shopping centre acquisition increases to seven the number of shopping centres that Praxis owns across the UK.
The firm has also just acquired 31,533 sq ft Millennium Gate II grade A office building on Crewe Business Park in Crewe which is fully let to Air Products Ltd.
Praxis bought the building from Knight Frank, acting as LPA Receivers to Kings Properties Ltd for £2.7 million, a 14.9% NIY equating to £82psf.
Praxis has acquired more than £400m of real estate since 2009 and is seen as one of the most active buyers in the market.
The company is also trading out of selected properties and has sold six assets in the last six months. According to IPD, Praxis delivered the highest annualised returns of any UK investor as benchmarked against the “All Balanced Property Fund” index over a 1, 3 and 5 year period.